Northwest Territories
Trusted Insolvency & Debt Advisors
If debt has you stressed in the Northwest Territories, know that help is available. Debt Insiders is here to walk you through the relief solutions tailored specifically for residents of the Territories.
Financial Challenges
Living in the Northwest Territories presents a unique set of financial challenges that can be quite different from those faced in more southern parts of Canada. One primary issue residents face is the exceptionally high cost of living, driven in part by the remote location and harsh climate, which can cause logistical nightmares. Everyday goods such as groceries and fuel are often shipped from far-off locations, leading to steep prices. Imagine paying almost double for a loaf of bread compared to what someone might pay in Toronto. This logistical complexity also extends to housing. Construction costs are significantly higher due to limited construction seasons and the need to ship materials from afar, resulting in higher rental and property prices. So, residents often find themselves juggling how to cover these elevated everyday costs.
All that said, employment in the region can also be a double-edged sword. While certain industries like mining provide lucrative job opportunities, they often require specialized skills and can be affected by global market fluctuations. These fluctuations ripple through the local economy, leading to uncertainties that can impact job security and income stability. Seasonal employment adds another layer of complexity, as some jobs are closely tied to the climate—think ice road truckers or tourism guides. The local government offers some support and incentives for business development to counter these fluctuations, but many people find themselves continuously adapting to the ebb and flow of job availability and income levels.
Annual Debt Comparison
This table provides comparison of annual debt data in the Northwest Territories, Canada to help understand how debt and debt solutions are changing in the province.
| Debt or Debt Solution Item | 2022 | 2023 | % Change |
|---|---|---|---|
| Estimated population | 44,664 | 44,760 | 0% |
| Number of bankruptcies | 3 | 15 | 400% |
| Number of consumer proposals | 5 | 4 | -13% |
| Total number of insolvencies | 5 | 6 | 9% |
| Average bankruptcy asset amount | $163,333 | $41,715 | -74% |
| Average bankruptcy debt amount | $433,039 | $685,687 | 58% |
| Average consumer proposal asset amount | $103,409 | $191,600 | 85% |
| Average consumer proposal debt amount | $119,063 | $41,931 | -65% |
| Median after-tax income | $104,700 | $105,200 | 0% |
| Average debt amount | Not available | Not available | Not available |
Data sources include ised-isde.canada.ca, statcan.gc.ca and consumer.equifax.ca. areas.
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