A recent Statistics Canada report claims millennials now exceed the Canadian baby boomer population. It is evident through the demographic graph of the millennial population rising to 23 percent. It grew to 457,354 between July 2022 and July 2023 since the arrival of temporary and permanent immigrants.
Canada’s average population age dropped from 41.7 to 41.6 between July 1, 2022, and 2023. Although this decline is negligible, it happens to be the first decline since 1958, a year denoting the middle of the baby boom.
This report cites immigration as the key reason behind the demographic change. For instance, a December 2023 update by Statistics Canada revealed that the Canadian population increased by 430,635 individuals between July and December 2023. Nearly 96 percent of this rise occurred due to immigration only.
Furthermore, the 2022 data shows that immigrants contributed to 23 percent of the Canadian population. Additionally, 95.8 percent in Canada between 2016 and 2021 were below 65 years old. Moreover, 64.2 percent remained in the prime working age, between 25 and 64 years.
Millennials exceed the Canadian baby boomer population with a new surge of young immigrants
Canadian immigration levels have been increasing over the past few years. The country broke previous records with the arrival of 471,550 new permanent residents. This figure outdid the record of 437,000 permanent residents in Canada in 2022. However, this number doesn’t include the Non-Permanent Resident numbers, including temporary foreign workers and international students.
The report also claims that a majority of NPRs in Canada arrived here between the ages of 20 and 24. Moreover, this age group in the country contributes to 22 percent of the total Canadian population.
One in every five individuals in this age group came across as a Non-Permanent Resident in Canada as of July last year.
Although their type of visa or permit is not clear, this age group was probably linked to international students in Canada. ICEF Monitor claimed recently that there were nearly 1,040,985 international students holding active study permits in the country last year. This implies a rise of 29 percent in 2023. The latest reports by Statistics Canada claimed an increase of 6.4 percent in population growth for the age range between 30 and 34 years. This is double the growth rate of the overall population, denoting a 2.9 percent rise.
The aging population prevalent in Canada
The oldest population of Canada exists in the Atlantic provinces. In addition, the highest average age was prevalent in Newfoundland and Labrador at 45.7 years. The peak percentage of those aged above 65 was 24.4 percent. Nova Scotia and New Brunswick witnessed a median population age of 43.8 and 44.4 years, respectively. Contrarily, Alberta demonstrated a slightly younger population with a median age of 39.1 years. Additionally, Manitoba displayed a median age of 39.3 years, while Saskatchewan possessed an average age of 39.7.
Canada’s Immigration Targets
IRCC annually launches its Immigration Levels Plan, depicting the new permanent resident numbers that Canada will invite in the forthcoming three years. In 2024, the country is set to welcome another whopping number of 485,000 new PRs. However, the target will increase to 500,000 in 2025, which will follow in 2026.
Recent surveys have displayed an ongoing concern among Canadians concerning the rise of higher immigration targets in the country. On the other hand, Statistics Canada’s research revealed that 18.9 percent of Canada’s population was 65 years and above. This data stands firm as of July 1, 2023. However, Canada’s population is likely to rise, leading to more than nine million Canadians above the retirement age by 2030. In addition to this, the lowest fertility rates globally indicate an insufficient number of Canadians to keep the economy going.
What’s ahead?
With more Canadians reaching their baby boomers age, only a few employees will be present to pay the taxes. This will also turn out to be a period where there will be more healthcare expenditure and other assistance from seniors.
Overall, Canada has been attempting to raise the bar of immigration levels every few years to bridge the labor market gap caused by retirement.
Hence, Canada continues to invite young talent from all over the globe. For instance, the immigration department provides Post-Graduation Work Permits for international students to retain them once they complete their education. Most of them eventually strive for a Canadian PR.
Furthermore, skilled workers between the age group of 20 and 29 years coming here using Express Entry acquire the highest number of points for their age. The scores over here fall under the Comprehensive Ranking System.
Do you have any general queries or concerns regarding Canadian immigration? Let our expert guides at Make Home Canada help you get all the answers. We are just a call away; stay connected at 1-800-979-0509 or simply email your concerns to [email protected].
