I advise you to go on living solely to enrage those who are paying your annuities. It is the only pleasure I have left.– Voltaire
By 2030, Canada’s economy could look significantly different. A country whose economic identity has long been bound to natural resource extraction will accelerate its transformation into a services economy. Aging will present challenges to governments facing rising healthcare costs and a big tab for elderly benefits. For cities and for builders, we may need a rethink of housing policies—and indeed how we develop cities and towns—to ensure the growing intergenerational tensions over housing affordability are resolved.
Aging is likely to transform our society in significant ways—from increasing demands on our healthcare system and changing the types of housing we build, to boosting demand for group leisure travel and seniors-friendly sports. We may not be able to predict all of the consequences at this stage. But one thing’s for sure: working-age Canadians will feel the financial squeeze. There will be fewer of them to shoulder the additional costs of our aging society. In 2010, there were 2.3 working-aged Canadians for every youth and senior. By 2030 we expect that number to fall to 1.7. The slowing growth of the labour force (which will actually cause the participation rate to fall from 65% today to 62% by
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