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

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

800 meals donated for Cowichan frontline workers

They were at Cowichan District Hospital on May 25 handing out prepared meals to grateful workers

Cowichan CMHA officials respond to report, probation order

“there are important improvements needed to ensure greater fairness within our housing program.”

Cowichan RCMP remind public to leave dogs chilling at home on hot days

Dogsafe has designed a Dog in a Hot Car Responder Checklist

Editorial: Minimal risk in sending kids back to school

Time to poke our heads out of our comfortable nests and venture out into the world again.

Water in Lake Cowichan just fine, says acting mayor

Tim McGonigle said there is no truth to rumours of water advisories

Mission prison COVID-19 outbreak ends, 9 new cases in B.C.

New positive test at Port Coquitlam care home

Facing changes together: Your community, your journalists

The COVID-19 pandemic has changed the world in ways that would have… Continue reading

Man who bound, murdered Vancouver Island teen still a risk to public: parole board

Kimberly Proctor’s killer is still ‘mismanaging emotions,’ has had ‘temper tantrums’

VIDEO: Humpback whales put on quite a show

The ‘playful’ pod lingered by a Campbell River tour operator’s boat for quite some time

Getting hitched at historic B.C. gold rush town still on table during COVID-19 pandemic

Micro-weddings, online visits, offered at Barkerville Historic Town and Park

Stolen gargoyle returns to its perch on central Vancouver Island yard

Petey, a concrete gargoyle statue, was returned by Nanaimo RCMP after being found by city crew

Revelstoke woman finds welcoming letter on her Alberta-registered truck

There have been multiple reports online of vandalism to vehicles with Alberta licence plates

Spirit bear possibly spotted in West Kootenay

A local resident spotted the white-coloured bear while on an evening trail run near Castlegar on May 27

B.C. businesses ‘can’t shoulder burden’ of COVID-19 sick pay

Trudeau’s plan should be tied to federal emergency aid

Most Read