Bank of Canada Report: Demographic Changes Reshaping Economy
The Facts
- Canada's population grew 0.5% in 2025, the slowest pace in more than a century following 150 years of steady increases, according to a Bank of Canada report which states that the ageing population is set to exert downward pressure on labour supply.
- The median age in Canada climbed from 26 in 1971 to above 40 in 2026, the Bank of Canada said. Average asking rent fell 4.2% over the year to $2,034 in September, a 24th straight month of annual decline, Rentals.ca figures show.
- Canada shed 68,000 jobs in September and the unemployment rate edged up to 6.5%, Statistics Canada said Friday. It was the second consecutive monthly decline after employment rose by 181,000 positions between April and July.
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The Spin
Left narrative
More seniors than children means fewer workers, slower growth and a smaller tax base stuck funding soaring health care bills. Newcomers arrive young, fill the jobs restaurants and farms cannot staff and spend money that lifts demand without fueling inflation. Slamming the door shut just guarantees a poorer, older country with harder choices ahead.
Right narrative
Dialing back immigration already delivered cheaper homes and lower unemployment, proof that community capacity was stretched way past its limits. An economy that stalls the moment the inflow slows is a treadmill, padding corporate payrolls while wages stagnate and young families get priced out. A smaller population beats a country Canadians can no longer afford.
