Debt Collection Agencies in Canada - Industry Market Research Report

Debt Collection Agencies in Canada - Industry Market Research Report
Debt Collection Agencies in Canada

Debt collection agencies in Canada have slowly grown throughout the period as economic swings affected their ability to collect debt. During the pandemic, insolvency among consumers and businesses fell drastically as government support and policies pushed banks and other institutions to defer mortgage, credit card and other payments for the time being. This weakened the need for debt collection agencies as companies. As the economy recovered and payments were reinstated, insolvency trends reversed and climbed as clients required debt collection agencies to help secure their money. Overall, revenue is expected to grow a CAGR of 1.5% to $831.6 million through the end of 2023, increasing 6.7% in 2023 alone.

The Debt Collection Agencies industry in Canada pursues payments on debts owed by individuals and businesses. Most collection agencies operate as agents of creditors and collect debts for a fee or percentage of the total amount owed. Other agencies purchase debt portfolios from creditors at deep discounts and then pursue outstanding balances for their own gain.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.