Thursday, November 6, 2008

Bankruptcies Up, Housing Down In Canada

Personal Bankruptcies Up

There were 8,836 bankruptcies in Canada in September, almost 1,400 more than in August and almost 2,000 more than in September 2007. The superintendent of bankruptcy reports that's an 18.7 per cent rise from August and 28.4 per cent increase from a year ago. The number of bankruptcies over 12 months through September was 91,434, up 6.4 per cent from 85,969 in the 12-month period through September 2007. There were 8,347 consumer bankruptcies in September, up from 6,977, or 19.6 per cent from August, and nearly 2,000 more than in September 2007.

Home sales in the Greater Toronto Area fell 35 per cent this October compared with sales a year earlier, according to the Toronto Real Estate Board. Prices fell 10 per cent over the same period, leading the industry to acknowledge the existence of a deep slump in the market.

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