Table 4: Annual Consumer Insolvency Rates* per 1,000 Adults (Age 18 and Over),
in All Development Regions, 2012 to 2017
Percentage
change
Region
2012 2013 2014 2015 2016 2017 5-Year 1-Year
2012-17
2016-17
Cariboo
Kootenays
Nechako
North Coast
Northeast BC
Southwest BC
Thompson-Okanagan
Vancouver Island/Coast
British Columbia
4.0 3.9 3.9
4.1
4.3 3.6 -10.0% -16.3%
3.3 3.3 3.0 3.1 2.7 2.7 -18.2% 0.0%
1.8 2.0 2.4 1.7 2.2 1.6 -11.1% -27.3%
2.2
1.2
1.1
1.3
1.5
2.0
-9.1%
33.3%
2.4
1.7
1.7
2.1
3.9
3.8
58.3%
-2.6%
2.8
2.9
2.7
2.7
2.4
2.2
-21.4%
-8.3%
4.0 3.7 3.4 3.3 3.2 3.0 -25.0% -6.3%
3.8 3.9 3.8 3.8 3.5 2.9
-23.7%
-17.1%
3.2
3.1
3.0
3.0
2.8
2.5
-21.9%
-10.7%
Sources: Office of the Superintendent of Bankruptcy Canada and Statistics Canada.
*Insolvency rate calculations include both bankruptcies and proposals.
The forecast for 2018
BC’s strong economic performance in 2017 gave it a running start in 2018, and rising immigration rates and population growth are continuing
to boost consumer demand. Those who benefited from BC’s booming housing market, whether professionally or through the sale of their home,
also contributed to the economy’s performance this past year, as did the value of BC’s exports, which swelled throughout 2017. This increase in
value is expected to continue fanning economic growth to the end of the year, as is domestic consumer demand. TD Economics forecasts a real
GDP growth rate of 2.4% for BC in 2018, and although this signifies a slowdown, it still positions BC with Alberta and Quebec at the head of the
provincial pack. 11
This good start notwithstanding, only moderate economic growth is predicted for BC and Canada throughout the remainder of 2018. According
to TD Economics, unless new productivity gains can be made, limited capacity could be a major hindrance to further economic growth. 12 And
in addition to capacity issues, the negative impact of the United States’ protectionist policies and the BC government’s new housing market taxes
will almost certainly slow BC’s economic growth in 2018.
Full report available online
Full versions of CPABC’s Regional Check-Up reports are available at
bccheckup.com. For more information about the reports, contact
Vivian Tse, CPABC’s public affairs manager, at [email protected].
Marlyn Chisholm is the principal of Chisholm Consulting and the lead
economist on CPABC’s annual BC Check-Up report, a summary of
which will appear in the November/December 2018 issue of CPABC in
Focus.
TD Economics, Provincial Economic Forecast, Resilience in the Face
11
of Uncertainty, March 15, 2018.
Ibid.
12
GlowingEarth/iStock/Thinkstock
CPABC in Focus • July/August 2018 23