Statistics Canada’s released a report this week that on July 1, 2023, for the first time, the millennial generation (born between 1981 and 1996) comprised a greater number of people in the population than the baby boomer generation, (born between 1946 and 1965) thanks to an immigration surge. It’s a title the baby boomers’ generation has held in the country for the past 65 years.
It was slowed by the increase in permanent and temporary immigration as the many recent immigrants are on average younger than the rest of the Canadian population. The average age of the Canadian population (41.7 years) fell slightly from July 1, 2022, to July 1, 2023, a first since 1958.
However, the number and proportion of people aged 65 years and older have continued to rise, driven by the aging of the large baby boomer cohorts.
As this shift takes place in Toronto and elsewhere, experts say millennials’ ability to thrive will depend on having access to adequate, affordable homes. Particularly those large enough to raise a family, as well as other social infrastructures like childcare.
This change may benefit Canadian society by increasing the size of the working-age population, possibly helping to alleviate the pressures of the labour shortages, the report says.
But while the latest census found millennials to be the country’s fastest-growing population — having increased by 8.6 per cent across Canada between the 2016 and 2021 surveys — the number of young children in Canada has been dropping.
There were 3.6 per cent fewer kids under five last year than counted in 2016. And in the Toronto area, the 2021 census found seniors over 65 had overtaken children under 15 for the first time.
Millennials are not the only generation to have increased their demographic weight. Generation Z, born between 1997 and 2012 has become the third-largest generation in Canada, now surpassing Generation X born between 1966 and 1980.
Here are the top 5 trending stories of the week:
- Canadian Inflation Slows, At Target When Mortgage Interest Is Excluded | “Canadian inflation data shows growth is slowing much faster than anticipated. Statistics Canada (Stat Can) released the Consumer Price Index (CPI) for January, showing annual growth slowed significantly more than the consensus forecast. Most of the remaining pressure driving inflation is being driven by mortgage interest costs. If excluded, like in many advanced economies, CPI would be smack on the central bank’s target rate for inflation. ”
- Vancouver and Toronto renters lament quality of life more than homeowners: StatCan | “Renters across the country faced record low vacancy rates and record high rent increases in 2023, but Statistics Canada says Toronto and Vancouver residents who don’t own their homes face the greatest financial pressures. ”
- New Rules For Rooming Houses Go Into Effect In Toronto Next Month | “It’s been just over a year since the City of Toronto adopted a (long-awaited) regulatory framework for multi-tenant houses, more colloquially known as rooming houses. The new framework, along with expanded, citywide allowances, will go into effect at the end of next month.”
- The income needed to afford a Toronto home has surprisingly gone down so far this year | “Toronto may never be considered remotely “affordable” again, but new data indicates that the city’s housing market is actually becoming easier for people to break into, even if prices remain high.”
- Canada’s Priciest Rental Markets Continue To Soften In January | “The Canadian rental market, more or less, picked up in 2024 where it left off in 2023, says Urbanation President Shaun Hildebrand. Hildebrand points out that the national asking average rent across all property types struck yet another ‘new high’ in January — as has been the trend for months now — clocking in at $2,196 according to new national data from Rentals.ca and Urbanation.”
The Bosley Advantage
Read about the heritage and innovation that form the foundation for Bosley’s industry-leading approach to real estate.
