Canada consumer insolvencies up 2.3% in 2025, highest annual level since 2009
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Consumer insolvencies in 2025 rose 2.3% from 2024, based on data compiled by the Office of the Superintendent of Bankruptcy. The total reached 140,457 filings in 2025, up from 137,295 in 2024. Consumer insolvencies include bankruptcies and consumer proposals, in which creditors agree to settle debts under conditions other than the original terms.
The Canadian Association of Insolvency and Restructuring Professionals said 2025 marked the second-highest annual volume since OSB tracking began in 1987, and the highest since 2009. The report cited licensed insolvency trustee Wesley Cowan, who pointed to the cumulative impact of years of high inflation, higher borrowing costs, and stretched household budgets.
Regionally, British Columbia saw a 10.6% year-over-year increase, while Newfoundland and Labrador rose 7% and Prince Edward Island climbed 6.1%. Meanwhile, business insolvencies fell 21.8% to 4,840 in 2025 from 6,188 in 2024.
