The crunch will be unprecedented in history, both in scope and size (Chart 5). In Canada, by 2031 about one in four people will be over 65. 3 As for those over 80, they are the fastest-growing segment of the older population, a group that, relative to 2000, will have nearly doubled by 2026 and quadrupled by 2051.
4 Canada is not the only nation getting older (Chart 6). Population aging is common across advanced economies. All G-7 countries have seen a drop in the Total Fertility Rate and an increase in life expectancy. Canada’s situation is more favourable than that of other G-7 countries such as Japan. We are not aging as early or as fast.