Canadian insolvencies rose in May from last year as elevated inflation and interest rates continue to hit businesses and consumers.
Data from the Office of the Superintendent of Bankruptcy shows total insolvencies were up 19.2% from May 2023 and up 3.1% from April.
The overall figures came as consumer insolvencies totalled 12,195 in May for a rise of 3.4% from April and an increase of 11.3% from last year.
Business insolvencies were down from April, falling 3.8% to 530, but up 41.7% from last year.
Some sectors have seen steeper rises though, such as construction where the 92 insolvencies worked out to a 24.3% increase from April and up 109.1% from May last year.
The Canadian Association of Insolvency and Restructuring Professionals says consumer insolvencies are at their highest volume since October 2019, while year-over-year business insolvency levels have been continuously rising for 2.5 years.