- 10 - slightly from the 660 openings in Q1 2023; there were 640 closings in Q1 2024, down from 703 in Q1 2023. Through the first five months of 2024, openings and closings were similar to those in 2023: 1,038 openings and 1,081 closings in 2024 compared with 1,116 openings and 1,166 closings in 2023. In the retail sector, there were 14,309 openings and 14,422 closings through the first five months of 2024, with negative net business openings in each month since January. For the first five months of 2023, there were 483 net business openings, with only one month in the negative. - 10 -
Figure 8: Business Openings and Closures in Canada
Figure 8: Business Openings and Closures in Canada
Business Openings and Closures in Canada
Figure 8: Business Openings and Closures in Canada
0 20000 40000 60000 80000 100000 120000
Business Openings and Closures in Canada
0 20000 40000 60000 80000 100000 120000
Opening Businesses
Closing Businesses
Figure 9: Net Business Openings in Canada by Quarter
Opening Businesses
Closing Businesses
Net Business Openings in Canada by Quarter
Figure 9: Net Business Openings in Canada by Quarter
Figure 9: Net Business Openings in Canada by Quarter
20,000 40,000
Net Business Openings in Canada by Quarter
-120,000 -100,000 -80,000 -60,000 -40,000 -20,000 0 20,000 40,000
Q2 '19
Q3 '19
Q4 '19
Q1 '20
Q2 '20
Q3 '20
Q4 '20
Q1 '21
Q2 '21
Q3 '21
Q4 '21
Q1 '22
Q2 '22
Q3 '22
Q4 '22
Q1 '23
Q2 '23
Q3 '23
Q4 '23
Q1 '24
Q2 '24
-120,000 -100,000 -80,000 -60,000 -40,000 -20,000 0
Q2 '19
Q3 '19
Q4 '19
Q1 '20
Q2 '20
Q3 '20
Q4 '20
Q1 '21
Q2 '21
Q3 '21
Q4 '21
Q1 '22
Q2 '22
Q3 '22
Q4 '22
Q1 '23
Q2 '23
Q3 '23
Q4 '23
Q1 '24
Q2 '24
Geographic Data Breakdown The next section of this issue of Insolvency Now offers a geographic breakdown of the data covered in this issue by highlighting the provinces that are displaying key trends in bankruptcies and receiverships, as well as providing the overall breakdown for CCAA proceedings. BUSINESS INSOLVENCIES BY PROVINCE Filings spiked in January in Ontario (Figure 10) and Québec (Figure 11), up 163% and 130% respectively, with both hitting their highest monthly filing number (since tracking started in 2019) at 275 in January in Ontario and 410 in February in Québec. Newfoundland and Labrador filings (Figure 12) in the first five months were 60% of what they were in the last five months of 2023. Filings spiked in January in Ontario (Figure 10) and Québec (Figure 11), up 163% and 130% respectively, with both hitting their highest monthly filing number (since tracking started in 2019) at 275 in January in Ontario and 410 in February in Québec. Newfoundland and Labrador filings (Figure 12) in the first five months were 60% of what they were in the last five months of 2023. Geographic Data Breakdown The next section of this issue of Insolvency Now offers a geographic breakdown of the data covered in this issue by highlighting the provinces that are displaying key trends in bankruptcies and receiverships, as well as providing the overall breakdown for CCAA proceedings. BUSINESS INSOLVENCIES BY PROVINCE
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Davies Insolvency Now: Issue 11
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