The largest-and final-baby boomer cohort is about to reach official retirement age. RBC Economics has issued a new report and says it’s been almost 15 years since the first boomers turned 65 and now almost two thirds of the way through boomer retirements the labour market already bears the impact.

The report says between 2022 and 2024 Canada was able to stall population ageing through exceptionally high in-migration which has also proven unsustainable. However, only much higher in-migration rates will change the trajectory with RBC Economics forecasting that under the current policy there will be more than a 2 percentage-point decline in labour force participation between 2024 and 2030.

The report also estimates Canada has seen only 11 per cent of the additional health care costs from aging baby boomers.

The RBC Economics report says the top three sectors with the highest percentage of workers age 55 and older include, at 32.6 percent, real estate/rental and leasing in third spot, agriculture is in second at 37.9 per cent while hunting, fishing, and trapping have the highest share of workers 55 and older at 39.6 per cent.