Fewer Québec Consumers Declared Bankruptcy or Defaulted on Their Mortgage Payment in 2012

March 27, 2013 - According to data from the Office of the Superintendent of Bankruptcy Canada, 24,399 consumers declared bankruptcy in Québec in 2012, a 5 per cent decrease compared to 2011. In contrast, 14 per cent more Quebecers submitted a proposal to their creditors to renegotiate their repayment conditions and lighten their debt load (11,526 consumers in 2012 vs. 10,141 in 2011). In total, the number of insolvencies (bankruptcies and proposals) filed by Québec consumers in 2012 remained stable. By geographic area, the administrative regions of Gaspésie – Îles de la Madeleine (-14 per cent) and Centre-du-Québec (-11 per cent) registered the largest decreases in the number of consumers who filed for insolvency in 2012. This number also decreased in the areas of Saguenay–Lac-Saint-Jean (-9 per cent), Montréal (-7 per cent), Abitibi Témiscamingue (-6 per cent) and Chaudière Appalaches (-3 per cent). In contrast, the areas of Lanaudière, Montérégie and Laval registered an increase in the number of consumers who filed for insolvency, with respective increases of 8, 6 and 6 per cent. To see insolvency statistics in Canada.

In addition, according to data from the Canadian Bankers Association, the percentage of mortgages in arrears decreased in Québec in 2012. On average, 0.32 per cent of mortgages held by Quebecers were late by three or more months in 2012, compared to 0.34 per cent in 2011 and 0.36 per cent in 2010. For statistics on the number of mortgages in arrears in Canada and in Québec

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Marlene Ofter

Marlene Ofter

Certified Real Estate Broker
CENTURY 21 Max-Immo
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