Millennials overtake baby boomers as dominant generation in Canada!

According to Statistics Canada, millennials have now become the country’s dominant generation.

The government statistics bureau announced Wednesday that millennials, born between 1981 and 1996, will outnumber the baby boomer group on July 1, 2023.

According to Statistics Canada, baby boomers (born between 1946 and 1965) became the dominant generation in 1958. Seven years before the final baby boomer was born.

“For 65 years, they were the largest generation in Canadian society. From the mid-1960s to the early 1970s, baby boomers accounted for around 40% of the population, according to the agency’s assessment.

“By comparison, millennials’ demographic weight will never reach the level of baby boomers’. And is expected to peak at its current level of 23 per cent, according to the most recent population projections.”

While aging is a role in the decrease of baby boomers, the recent entry of a record number of permanent and temporary immigrants has contributed significantly to millennials’ climb in the ranks, according to Statistics Canada.

From July 1, 2022 to July 1, 2023, the millennial population expanded by 457,354. Driven solely by the entry of permanent and temporary immigrants. This increase outpaces the yearly growth of the young Generation Alpha (+454,133), which has been born since 2013. Birth has had a significant role in that generation’s growth.

Aside from Millennials, group Z (born 1997-2012) has surpassed Generation X (born 1966-1980) as Canada’s third-largest group.

“Notably, Generation X, whose members were born during a period of sharply declining fertility, will never have been the largest generation in Canada,” according to Statistics Canada.

“According to the latest population projections, Generation Z could overtake millennials in numbers between 2038 and 2053.”

According to the data released on Wednesday, the share of the population aged 15 to 64 years grew between July 1, 2022 and July 1, 2023. It described this as “an uncommon event in recent years,” as significant cohorts of baby boomers retire at the age of 65.

After peaking at 69.5% in 2007, the share of the population aged 15 to 64 years decreased to 65.5% in 2022. I.e., before rising again to 65.7% in 2023.

“This change may benefit Canadian society by increasing the size of the working-age population. Possibly helping to alleviate the pressures of sectoral labour shortages,” a statement from Statistics Canada stated.

“However, the high number of new working age Canadians may also put pressure on the delivery of services to the population. Including housing, transportation and infrastructure.”