Debt Relief Experts
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.
We update this page for monthly data trends as they are released by the Office of the Superintendent of Ontario.
Updated for June 2023.
2023 Consumer Insolvency Filings
June saw the softest growth in consumer insolvencies so far in 2023, with year-over-year Ontario insolvencies up 23.0% (compared to 32.9% in May) while Canadian consumer insolvencies increased by only 19.5% (versus 30.1% in May). Year-to-date Ontario consumer insolvencies are up 29.6%, while Canadian volumes have increased by 25.8%.
Consistent with normal seasonal trends, June volumes were 2.9% lower than May across Canada but were largely flat month over month in Ontario (down only 0.1%).
Proposals posted the strongest growth, up 26.7% year-over-year in Ontario versus 9.2% for bankruptcies. Across Canada, proposals increased by 24.3% while bankruptcies rose by 4.8%. Proposals accounted for 81.3% of all filings in Ontario in June and 78.4% of Canadian insolvencies.
We maintain our growth prediction of 20% to 30% for 2023.
We see some cracks in homeowner debt, with our Homeowners Bankruptcy Index rising to 4.8% in July 2023. While still nowhere near the historical highs of 29% in 2011, year-to-date homeowners insolvencies have reached 4.1% compared to 1.6% for all of 2022.
Ontario Consumer Insolvency Statistics by Region 2022
With people returning to work post-pandemic, Ontario insolvencies ended the year up 14.5%, while Canadian consumer insolvencies grew by 11.2%.
In total, 34,736 Ontarians across Ontario filed for insolvency in 2022. Personal bankruptcies fell 5.9% as the trend continued toward more insolvent debtors choosing a consumer proposal over personal bankruptcy. Consumer proposals increased by 21.3% in 2022, driving the share of proposals to total insolvencies to 79%, up from 75% in 2021. In comparison, 75% of Canada-wide insolvencies are consumer proposals.
To understand how the profile of the average consumer insolvency changed, read our annual Joe Debtor Bankruptcy Study (2022 update out shortly).
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 | 100,184 | 11.2% | -10.5% | 20.7% | 75% |
| Ontario | 34,736 | 14.5% | -5.9% | 21.3% | 79% |
REGION* |
|||||
| Barrie Region | 1,557 | 16% | -15% | 25% | 82% |
| Belleville Region | 708 | 19% | 18% | 20% | 77% |
| Brampton | 1,575 | 14% | -18% | 21% | 86% |
| Brantford Region | 639 | 15% | -13% | 23% | 83% |
| Brockville Region | 274 | 9% | -25% | 34% | 71% |
| Cambridge | 419 | 8% | -32% | 20% | 85% |
| Chatham Region | 374 | 17% | 15% | 18% | 74% |
| City of Toronto | 2,232 | 17% | -12% | 26% | 83% |
| Cornwall Region | 333 | 4% | -15% | 16% | 67% |
| Essex-Leamington Region | 221 | 19% | -17% | 31% | 82% |
| Etobicoke | 1,101 | 24% | -14% | 35% | 84% |
| Guelph | 364 | 22% | -25% | 40% | 83% |
| Hamilton Region | 1,720 | 30% | 2% | 40% | 81% |
| Huron Region | 407 | 15% | 25% | 11% | 70% |
| Kingston Region | 532 | 5% | 15% | 2% | 72% |
| KW-Wellington Region | 1,093 | 12% | -15% | 21% | 81% |
| London Region | 1,891 | 15% | -4% | 21% | 79% |
| Markham | 475 | 3% | -13% | 8% | 81% |
| Mississauga | 1,618 | 14% | -5% | 19% | 82% |
| Newmarket & Area | 610 | 6% | -14% | 13% | 80% |
| Niagara Region | 1,215 | 23% | 11% | 28% | 75% |
| North Bay Region | 345 | 1% | -31% | 17% | 77% |
| North York | 2,401 | 18% | -6% | 24% | 83% |
| Burlington-Oakville Region | 901 | 22% | 11% | 25% | 79% |
| Orangeville & Area | 254 | 9% | 21% | 6% | 82% |
| Oshawa-Bowmanville Region | 1,169 | 11% | -9% | 17% | 82% |
| Ottawa Region | 2,569 | 14% | -12% | 27% | 74% |
| Parry Sound-Huntsville Region | 248 | 21% | -8% | 31% | 81% |
| Pembroke Region | 210 | -3% | -20% | 7% | 70% |
| Peterborough Region | 654 | 13% | -15% | 24% | 79% |
| Pickering | 506 | 23% | -18% | 34% | 86% |
| Richmond Hill | 358 | 4% | 6% | 4% | 80% |
| Sarnia Region | 357 | 29% | 72% | 17% | 71% |
| Sault Ste. Marie Region | 338 | 3% | -3% | 7% | 65% |
| Scarborough | 1,730 | 15% | 7% | 17% | 82% |
| Stratford Region | 126 | -10% | -23% | -5% | 75% |
| Sudbury Region | 812 | 20% | 13% | 22% | 73% |
| Thunder Bay Region | 494 | -2% | -17% | 5% | 70% |
| Timmins Region | 476 | 0% | -5% | 1% | 79% |
| Vaughan | 359 | 31% | -5% | 42% | 83% |
| Windsor Region | 937 | 21% | 5% | 25% | 81% |
| Woodstock Region | 337 | 31% | 19% | 35% | 78% |
| *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
