Ontario Bankruptcy Statistics 2007

| Category: Bankruptcy in Ontario
Category: Bankruptcy in Ontario | Leave a comment

In 2007 the rate of personal bankruptcy and consumer proposal filing increased by 8.2%. Consumer bankruptcies increased from 29,851 in 2006 to 31,409 in 2007 for an increased of 5.2%.

The number of consumer proposals filed in Ontario had a significant increase, from 9,381 in 2006 to 11,025 in 2007, and increased of 17.5%.

Ontario’s overall increase of 8.2% was far higher than the rate of increase in Canada of only 2.5%, reflecting significant job losses in manufacturing, construction, agriculture and natural resources in Ontario.

Ontario’s employment growth in 2007 was weak at 1.6%, and the unemployment rate rose to 6.4%, which was above the Canadian average.

It is impossible to predict what will happen in 2008, but if interest rates increase and the economy heads into a recession, the bankruptcy rate in Ontario will probably continue to increase.

2007 Ontario Bankruptcy Statistics

According to statistics released by the Office of the Superintendent of Bankruptcy, the personal bankruptcy rate in Ontario increased in 2007, as seen in the chart below. As the chart indicates, the personal bankruptcy rate in some Ontario cities fell, but the rate increased in most parts of the province, leading to an increase in the personal bankruptcy rate for the entire province of Ontario.

Ontario Cities
2007
2006
Bankruptcies Proposals Total Bankruptcies Proposals Total
Barrie 390 152 542 383 167 550
Brantford 384 112 496 341 100 441
Chatham 270 46 316 213 38 251
Guelph 301 115 416 267 110 377
Hamilton 1,933 595 2,528 1,798 484 2,282
Kitchener 1,217 456 1,673 1,177 316 1,493
Leamington 366 78 444 297 69 366
London 1,763 433 2,196 1,608 359 1,967
Ottawa 2,071 703 2,774 2,118 631 2,749
Sarnia 271 36 307 304 50 354
Sudbury 665 106 771 714 127 841
St. Catharines 1,201 308 1,509 1,142 228 1,370
Toronto 10,778 5,523 16,301 10,475 4,587 15,062
Windsor 1,525 370 1,895 1,303 309 1,612
Ontario 31,409 811,025 42,434 29,851 9,381 39,232
Canada 79,796 19,486 99,282 79,218 17,619 96,837
Change
Ontario Cities Bankruptcies Proposals Total
Barrie 2% -9% -1%
Brantford 13% 12% 12%
Chatham 27% 21% 26%
Guelph 13% 5% 10%
Hamilton 8% 23% 11%
Kitchener 3% 44% 12%
Leamington 23% 13% 21%
London 10% 21% 12%
Ottawa -2% 11% 1%
Sarnia -11% -28% -13%
St. Catharines 5% 35% 10%
Toronto 3% 20% 8%
Windsor 17% 20% 18%
Ontario 5.2% 17.5% 8.2%
Canada 0.7% 10.6% 2.5%

Chart assembled from sources believed to be accurate. Please see the source noted above for personal bankruptcy statistics for other cities in Ontario. For further information, please contact a nearby expert.

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