Consumer bankruptcies in Canada increased 16% in November from a year earlier as interest rates continue to rise across the country.
At the same time, the number of business insolvencies for the 12-months ending November 30 were up 58%.
Total insolvencies (consumer and business combined) were up 7% month-over-month in November, and up 17.5% from a year ago.
The rise in consumer bankruptcies during November was driven by consumer proposals, which were up 19% from a year earlier.
Among Canadian businesses, insolvencies were highest in the accommodation and food services sector, followed by construction. Mining, oil and gas extraction saw the biggest declines in bankruptcies in November.
Borrowing costs continue to rise as the Bank of Canada lifts interest rates to lower inflation that continues to run near a 30-year high in the country.
