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

Smithers student wants solution to recycling moratorium

Smithers and Telkwa suspended curbside recycling following a May 9 fire that destroyed the depot

Smithers rail Teamsters settle in for strike

Ottawa urges CN and union to continue talks as 3,200 workers hit the picket lines

Houston homicide suspect remanded in custody

A Houston man accused of the second degree murder of Elija Dumont… Continue reading

Bulkley Valley Credit Union named Business of the Year

Awards gala sets new attendance record

Hazelton aces their way to gold at Grade 8 girls volleyball zones

Smithers schools grab silver and bronze at Prince Rupert Middle School tournament

Bye bye Bei Bei: Giant panda born in U.S. zoo heads to China

Panda heads back to China as part of cooperative breeding program

B.C. to advocate for frustrated, confused, unhappy cellphone users, says premier

Maple Ridge New Democrat Bob D’Eith to advocate for more affordable and transparent cellphone options

B.C. man who killed Belgian tourist near Boston Bar gets life in prison, no parole until 2042

Sean McKenzie pleaded guilty to second-degree murder of 28-year-old Amelie Christelle Sakkalis

‘Very disrespectful’: B.C. first responder irked by motorists recording collisions on cellphones

Central Cariboo Search and Rescue deputy chief challenges motorists to break the habit

Daily cannabis linked to reduction in opioid use: B.C. researchers

Researchers looked at a group of 1,152 people in Vancouver who reported substance use and chronic pain

Bids down, costs up on Highway 1, B.C. independent contractors say

Rally protests NDP government’s union-only public construction

Members of little people community applaud change to drop ‘midget’ term

‘It’s not about sensitivity,’ says Allan Redford, the president of the Little People of Canada

Little progress in preventing sudden infant deaths since last report: BC Coroner

Coroners panel studied 141 sleep-related sudden infant deaths between 2013 and 2018

Most Read