Ontario Bankruptcy and Consumer Proposal Statistics

Ontarians continue to carry record levels of personal debt, and for many residents, a consumer proposal or a personal bankruptcy becomes the only way out of financial trouble.

This page is updated monthly as the Office of the Superintendent of Ontario releases data.

Updated for December 2024.

2024 Consumer Insolvency Filings

Insolvency trends across Canada and Ontario in 2024 showed strong early-year growth, mid-year volatility, and a gradual slowing in growth towards the end of the year. Year-to-date, Ontario volumes were up 17.8% while total Canadian insolvencies increased by a more modest 11.4%.

The slowing in growth towards year end should not be interpreted as improving financial health among Canadians. Rather, it is an indicator that households are simply holding on a little longer. While unemployment rates have stabilized since late summer, they remain elevated compared to the previous year. The modest decline in interest rates has provided some breathing room for variable-rate borrowers, but this relief may prove temporary.

The underlying economic indicators continue to paint a concerning picture. Credit card balances persist at historic highs while default rates follow an upward trajectory. The Bank of Canada’s financial stress indicator, which tracks borrowers who are 60+ days delinquent on payments, continues to trend upwards. Compounding these domestic challenges, the threat of escalating trade tensions introduces additional economic uncertainty. Given these persistent headwinds, we continue to predict consumer insolvencies will increase substantially through 2025, despite the current moderation in growth rates.

Proposal share was 81.8% of all insolvencies in Ontario, virtually unchanged from 81.7% in 2023. Across Canada, 78.8% of insolvent consumers filed a proposal, again relatively unchanged from a year earlier (78.7%). Proposal share has dropped in the second half of 2024, an indicator that those filing insolvency are not as confident in their long term income prospects and proposal affordability.

Of note, our Hoyes Michalos Homeowners Bankruptcy Index has ticked up sharply, rising to 10.1% in January 2025.

Ontario Consumer Insolvency Statistics by Region 2024

Ontario insolvencies ended the year up 17.8%, while Canadian consumer insolvencies grew by 11.4%. 

In total, 51,637 Ontarians across Ontario filed for insolvency in 2024. Personal bankruptcies increased by 17.2%, while consumer proposals grew by 17.9%. Proposals accounted for 82% of all insolvencies in Ontario, compared to 79% Canada-wide.

To understand how the profile of the average consumer insolvency changed, read our annual Joe Debtor Bankruptcy Study.

Below is a summary of insolvencies by geographic region as summarized by Hoyes Michalos based on insolvency statistics by FSA provided by the Office of the Superintendent of Bankruptcy (OSB). Regional FSA allocations may differ slightly from annual economic region data provided by the OSB as the regional data summarized by Hoyes Michalos provides additional location details than is available by economic region.

REGION*

Consumer Insolvencies Total Growth Growth Bankruptcy Growth Proposal % Proposals
Canada 137,295 11.4% 10.8% 11.6% 79%
Ontario 51,637 17.8% 17.2% 17.9% 82%
           

REGION*

         
Barrie Region 2,360 26% 10% 30% 85%
Belleville Region 1,011 10% 4% 11% 81%
Brampton 2,470 24% 43% 21% 83%
Brantford Region 1,069 24% 53% 20% 83%
Brockville Region 382 25% -17% 40% 82%
Cambridge 608 22% 25% 22% 83%
Chatham Region 550 7% 20% 3% 77%
City of Toronto 3,201 18% 10% 20% 83%
Cornwall Region 524 31% 34% 30% 78%
Essex-Leamington Region 313 5% 15% 2% 77%
Etobicoke 1,509 14% 34% 10% 81%
Guelph 484 12% 28% 8% 79%
Hamilton Region 2,550 19% 22% 18% 81%
Huron Region 641 23% 18% 24% 77%
Kingston Region 668 12% -13% 21% 80%
KW-Wellington Region 1,577 19% 35% 16% 81%
London Region 2,850 19% 38% 14% 78%
Markham 762 15% 19% 15% 85%
Mississauga 2,305 14% 19% 13% 84%
Newmarket & Area 1,023 20% 31% 19% 83%
Niagara Region 1,976 21% 16% 22% 78%
North Bay Region 454 2% -14% 6% 80%
North York 3,881 24% 27% 24% 85%
Burlington-Oakville Region 1,397 21% 16% 23% 82%
Orangeville & Area 451 36% 65% 31% 82%
Oshawa-Bowmanville Region 1,927 17% 19% 17% 84%
Ottawa Region 3,592 15% 0% 19% 81%
Parry Sound-Huntsville Region 343 20% 24% 19% 79%
Pembroke Region 293 8% 25% 3% 76%
Peterborough Region 950 24% 0% 30% 82%
Pickering 850 28% 61% 23% 84%
Richmond Hill 620 37% 58% 33% 80%
Sarnia Region 399 3% -11% 8% 75%
Sault Ste. Marie Region 437 -3% -31% 11% 77%
Scarborough 2,665 19% 27% 18% 84%
Stratford Region 180 2% -26% 10% 82%
Sudbury Region 1,039 10% 14% 9% 78%
Thunder Bay Region 618 1% -9% 4% 79%
Timmins Region 512 2% 48% -7% 77%
Vaughan 577 28% 20% 30% 83%
Windsor Region 1,210 5% -3% 8% 79%
Woodstock Region 420 14% 24% 12% 80%
*Region includes surrounding rural areas

Who files insolvency in Ontario?

The average insolvent debtor looks much like the average person in Ontario. They are working and struggling to make ends meet. To read more about what the average bankrupt looks like, see our bankruptcy research study: Joe Debtor.

Press Inquiries

For commentary and information about consumer insolvencies and debt issues in Ontario, contact:

J. Douglas Hoyes
CA, CPA, Licensed Insolvency Trustee
Email Doug

Ted Michalos
CA, CPA, Licensed Insolvency Trustee
Email Ted