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