Young adults are flocking to the city. This is according to the latest Census 2016 release from Statistics Canada, which show the number of people aged 20 – 34 is increasing in the City of Toronto. It may not sound important, but this demographic is suppose to be the future of economic growth, man-bun and all.
Why You Should Give A Crap About Millennials
Toronto is attracting a high ratio of young adults. This should be a good thing for both the city and young people, but it’s not really that great this time around. You’ve probably heard (or made) a joke or two at the expense of Millennials, but humour aside, we need to start thinking about Millennials as the next “great generation”. Don’t laugh. Seriously, don’t.
Those phone obsessed, side-hustlers should be the generation that drives the next wave of consumer spending and pushes our economy forward. Millennials should be making enough money at their job to start pumping money back into our economy. They should also be the ones purchasing starter homes, providing upward mobility for Gen X-ers looking to upgrade. So yeah, Millennials are a big deal, even though it may not seem like it right now.
Unfortunately, Millennials got dealt a pretty crappy hand. They took out massive loans to pay for advanced degrees, “essential” for a good job. They graduated just in time to see full-time jobs disappear, and the largest segment of employment shift to seniors. Home prices are also out of control in the city, and wages are stagnant. This makes it pretty difficult for them to drive the whole economy forward, a problem even if you’re not in that demographic.
Toronto’s Is Seeing More Young People
Despite the tough economic climate in Toronto, the ratio of young people in the city is increasing. There were 1,256,135 people between the age of 20 – 34, representing 21.18% of the city’s population. This is an increase from the previous Census in 2011, when this age group represented 20.7% of the population. At the very least, the increase shows there’s a lot of raw potential that could be tapped. That is if politicians can convince companies that they’re a valuable (not cheap) asset.
Located Downtown, Around University Campuses
Despite a high number of young adults, they’re mostly clustered in pockets around the city. Downtown Toronto, Fort York, and Liberty Village all had ratios higher than 50%. In fact, Liberty Village had the highest ratio of young adults, representing 65.3% of residents. Smaller but still large numbers were observed around the York University Campus, where 46.1% of the population is Millennial. It should be noted that many of the areas listed above have been touted as some of the more affordable neighbourhoods to live in.
In a country where seniors outnumber young people, Toronto’s ability to attract young adults is impressive by any measure. However, the general idea that life is better for young people in the bustling city of Toronto remains to be seen. Unless the city works towards fulfilling employment opportunities, better wages, and a smart solution to the city’s housing crisis – they’re going to have a hard time keeping them.
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