The Bank of Canada is flagging the steady climb of household debt and still-hot housing markets as the financial system’s top vulnerabilities. (Photo by THE CANADIAN PRESS)

Bankruptcies in British Columbia on the rise

Consumer bankruptcies climbed by 6. 1 per cent in August 2018 from the same month last year.

The economy is going well, but more and more British Columbians find it difficult to stay afloat.

Consumer bankruptcies climbed by 6. 1 per cent in August 2018 from the same month last year. This increase is consistent with large developments that show Canadians are borrowing and therefore getting themselves — albeit not inevitably — in financial trouble, said to get worse against the backdrop of rising interest rates.

RELATED: Household debt, housing remain key risks for financial system: Bank of Canada

According to Statistics Canada,71 per cent of all Canadian families had some debt, up from 67 per cent in 1999. Debt includes both mortgages and consumer debt such as car loans, lines of credit, vehicle loans, personal loans and student debt.

RELATED: British Columbians still getting deeper in debt

Notably, personal bankruptcies in British Columbia rose while the national rate dropped by 2.2 per cent during the same period.

Looking at businesses during the same period (August 2018 compared to 2017), they rose by 200 per cent from two to six filings, according to B.C. Statistics. The number of Canadian bankruptcies rose 0.5 per cent over the same period, with just over half 53 per cent being in the construction, retail trade and accommodation and food services sectors.


Like us on Facebook and follow us on Twitter

wolfgang.depner@saanichnews.com

Just Posted

Nearly 80 incredible artists, one extraordinary Vancouver Island tree

Bateman gallery’s OneTree 2019 honours the life of a single, tree salvaged from the Chemainus Valley

Nanaimo-Ladysmith school district starting from scratch on testing water for lead

Health Canada changed acceptable levels to 0.005 mg/L in March, prompting re-testing at schools

49th Parallel invests in their employees leadership potential

49th has sponsored 22 employees to go through the Leadership Vancouver Island program

Yellow Point Ecological Society releases video advocating for the protection of private forests

The group is concerned about the loss of forests in the Yellow Point area

LSS improv program gives students an opportunity to be themselves and entertain others

The Ladysmith Secondary School improv program has planned two weeks of shows for the community

Abortions rights advocates urge Liberals to turn politics into policy

Conservative Leader Andrew Scheer was pressed to clarify his stance abortion over several weeks

Closing arguments begin in B.C. case launched in 2009 over private health care

Dr. Day said he illegally opened the Cambie Surgery Centre in 1996 in order to create more operating-room time

MacLean says “Coach’s Corner is no more” following Cherry’s dismissal from Hockey Night

Cherry had singled out new immigrants in for not honouring Canada’s veterans and fallen soldiers

MacKinnon powers Avs to 5-4 OT win over Canucks

Vancouver battled back late to pick up single point

Poole’s Land finale: Tofino’s legendary ‘hippie commune’ being dismantled

Series of land-use fines inspire owner Michael Poole to sell the roughly 20-acre property.

Port Alberni mom takes school district to court over Indigenous smudging, prayer in class

Candice Servatius, who is an evangelical Christian, is suing School District 70

Family of B.C. man killed in hit-and-run plead for tips, one year later

Cameron Kerr’s family says the driver and passengers tried to cover their tracks

Princeton couple pays for dream vacation with 840,000 grocery store points

It’s easy if you know what you are doing, they say

Chilliwack family’s dog missing after using online pet-sitting service

Frankie the pit bull bolted and hit by a car shortly after drop off through Rover.com

Most Read