British Columbia
Consumer Proposal Debt Relief in Canada
Debt stress in British Columbia is all too common, but you don’t have to navigate it alone. If you're feeling overwhelmed by mounting bills and harassing debt collectors, we're here to help. At Debt Insiders, we provide the inside scoop on debt relief solutions specific to BC.
Financial Challenges
Residents in this area are grappling with a mix of unique financial challenges that set the region apart. One of the biggest issues is the high cost of housing, which consistently ranks among the most expensive in the country. This often leaves families dedicating a significant portion of their income just to keep a roof over their heads. Whether renting or buying, the costs are steep, presenting a substantial barrier, especially for young people or those with modest incomes. Beyond housing, another noteworthy issue is the provincial cost of living, which is high compared to other regions. Essentials like groceries and utilities tend to be pricier, which can make budgeting a bit of a juggling act.
Additionally, the job market presents its own intricacies. While the employment rate is generally stable, many available positions are concentrated in the service sector or industries with lower wages. This limitation can make it challenging for residents to find high-paying jobs unless they’re part of specific booming industries, like tech or film. To add a sprinkle of optimism, there are growing efforts in supporting green energy jobs, which could offer new opportunities. All of these factors together mean that financial planning here requires a bit of creativity and forethought for people aiming to balance living comfortably today while planning for tomorrow.
Annual Debt Comparison
This table provides comparison of annual debt data in British Columbia, Canada to help understand how debt and debt solutions are changing in the province.
| Debt Item | 2022 | 2023 | % Change |
|---|---|---|---|
| Estimated population | 5,403,528 | 5,581,127 | 3% |
| Number of bankruptcies | 2,374 | 2,572 | 8% |
| Number of consumer proposals | 10,874 | 12,501 | 15% |
| Total number of insolvencies | 13,248 | 15,073 | 14% |
| Average bankruptcy asset amount | $30,457 | $33,311 | 9% |
| Average bankruptcy debt amount | $132,810 | $135,041 | 2% |
| Average consumer proposal asset amount | $280,603 | $74,155 | -74% |
| Average consumer proposal debt amount | $70,466 | $89,518 | 27% |
| Median after-tax income | $73,200 | $73,700 | 1% |
| Average debt amount | $19,628 | $19,628 | 0% |
Data sources include ised-isde.canada.ca, statcan.gc.ca and consumer.equifax.ca. areas.
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