Posthaste: Canadians filing for insolvency hit highs not seen since the Great Recession

By Pamela Heaven – Financial Post

The number of Canadians filing for insolvency has hit levels not seen since the Great Recession, signalling that many consumers have hit a “financial inflection point,” says a new report from Equifax Canada.

Insolvency volumes jumped 18.8 per cent in the first quarter of 2026 from the year before to the highest since 2009, said the report, with homeowner insolvency volumes up more than 11 per cent. The number of Canadians without a mortgage filing for insolvency was still higher, but their growth rate was lower at 4.7 per cent.

“Severe financial strain” is already showing up in Canada’s higher priced housing markets. Mortgage delinquencies in Ontario soared 52 per cent in the quarter and 36 per cent in British Columbia.