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Or sign-in if you have an account.Homeowner insolvency volumes up more than 11 per cent. Photo by Getty ImagesSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThe 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.The severity of insolvencies has also worsened. The average non-mortgage debt in filings rose to $43,300, up from $40,200 two years ago. For Canadians with a mortgage the debt rose even higher, with the average non-mortgage debt hitting $82,400, up by 19 per cent.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try again“While the mortgage renewal wave is expected to slow towards the end of 2026, the transition to significantly higher interest rates continues to fuel financial impact and payment pressure,” said Rebecca Oakes, vice president of advanced analytics at Equifax Canada.“Consequently, ongoing monitoring of debts remains essential for Canadians.”“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.This latest data support other surveys that have found that financial pressures are building. According to the Harris & Partners Financial Resilience Index, many Canadians have reached their breaking point.Almost 60 per cent in that survey said their income didn’t cover basic expenses including rent, food and bills and 83 per cent said they have had to cut back on essentials such as heating and groceries.“We’re seeing more people forced to make difficult choices simply to stay on top of monthly expenses,” says insolvency trustee and CEO Joshua Harris. “When households begin relying on savings or credit to manage basic costs, it can quickly lead to long-term financial strain.“The good news is that Canadians appear to be trying to keep debt in check.Total consumer debt rose 3.8 per cent in $2.66 trillion in the first quarter, but non-mortgage debt dropped for first time in several quarters, said Equifax.“The reduction in holiday spending at the close of 2025 translated into lower seasonal balance increases on credit cards,” said Oakes.“This discipline enabled many Canadians to pay down balances during the first quarter, representing a critical shift in how consumers are navigating the current macroeconomic climate.” Sign up here to get Posthaste delivered straight to your inbox.Small business confidence in Canada plunged this month. The CFIB Business Barometer dropped more than 11 points to fall below the 50-point threshold, with every province and sector posting a decline.Rising fuel costs are the top pressure point, cited by 72 per cent of businesses, said the Canadian Federation of Independent Business, and weak consumer demand is listed as the biggest restraint on business expansion.For the first time this year a higher share of employers are planning to lay off staff than to hire.“Many small firms are stuck in a grind. Demand is weak, costs — especially fuel — are high and conditions don’t show signs of improving. This environment is not conducive to strong orders or investment,” said Andreea Bourgeois, CFIB director of economics.Bank of Canada Speech external deputy governor Nicolas Vincent speaks in MontrealToday’s Data: United States Conference Board Consumer Confidence indexEarnings: AutoZone Inc.Keeping debt a secret is common, but it can be costly. The longer debt is left without a plan, the more difficult and expensive it becomes to resolve. Credit counsellor Mary Castillo explains how hidden debt could be costing you more than you think and offers tips on recognizing and resolving the problem. Read more Interested in energy? The subscriber-only FP West: Energy Insider newsletter brings you exclusive reporting and in-depth analysis on one of the country’s most important sectors.Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at wealth@postmedia.com with your contact info and the gist of your problem and we’ll find some experts to help you out while writing a Family Finance story about it (we’ll keep your name out of it, of course).Want to learn more about mortgages? Mortgage strategist Robert McLister’s Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Plus check his mortgage rate page for Canada’s lowest national mortgage rates, updated daily.Visit the Financial Post’s YouTube channel for interviews with Canada’s leading experts in business, economics, housing, the energy sector and more.Today’s Posthaste was written by Pamela Heaven with additional reporting from Financial Post staff and Bloomberg.Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at posthaste@postmedia.com.Bookmark our website and support our journalism: Don’t miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. 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