Statistics Canada today released the 2009 Accounting Services Price Indexes for Canada as a whole. We have been tracking these indexes for Ontario, but these, along with other regional figures, are no longer available due to a redistribution of wealth within the Federal Government.
Here are the indexes for Canada graphed from their inception:
Another 18,000 Ontarians made an insolvency filing in the third quarter of 2009, bringing the total to 51,000 for the year so far.
This means that about 1 in every 200 Ontario adults filed a proposal or made an assignment in bankruptcy in just three-quarters of 2009.
If you want to see the results in graphical form, they can be found here. The raw data was published here.
This flood of insolvencies, running at about 40% above 2008 rates, has come in a period of historically low interest rates and is likely the result of higher unemployment. Unemployment does not look to be declining and interest rates have nowhere to go but up. We have also produced charts showing the close correlation between consumer insolvencies and unemployment.
During Q3 2009, the rate of insolvencies remained steady in Toronto, Ottawa, London, and Kitchener-Waterloo-Barrie. The rates fell in Muskoka-Kawarthas, Hamilton-Niagara, and the Northwest. Rates have continued to rise during Q3 2009 in Windsor-Sarnia, Kingston-Pembroke, Stratford-Bruce, and the Northeast.
If you have an opinion or story about how your practice is coping with the current recession, please leave a comment!
GrossmanCGA published today the first-ever graphs of quarterly regional Ontario consumer bankruptcy and insolvency statistics.
Using data provided by Statistics Canada, these graphs illustrate local trends in consumer bankruptcies, proposals, and total insolvencies. The graphs for each region are available exclusively from GrossmanCGA.
General comments on provincial trends and their import for accountants in public practice were published earlier as Ontario Consumers are in Trouble.
When I saw the June bankruptcy numbers, I just had to share them with you. They amaze me.
In the first 6 months of 2009, more than 33,000 Ontarians (1 out of every 300 adults!) made filings under Canada’s Bankruptcy and Insolvency Act. That’s a record number both absolutely and as a proportion of the adult population. Each region in the province differs somewhat, but the trend is
