The Town of Torbay has a population of approximately 7,000 (Federal Census 2006: 6,281), and has experienced significant growth over the last twenty years, more than doubling its population since 1986. From 2001 to 2006, Torbay’s population increased from 5,474 to 6,281. Based on demographic data, it is estimated that the population of Torbay may grow to at least 15,000 by the year 2050.
Torbay’s annual household income exceeds the provincial average. In 2005, the personal income per capita in Torbay was $25,800, compared to $21,600 for the province. As well in 2005, half of the families in Torbay had incomes of at least $75,000 while in the province, that figure was $53,600.
The self-reliance ratio is a measure of the community’s independence from government transfers such as Canada Pension, Old Age Security, Employment Insurance, and Income Support Assistance (higher percentages mean less dependency). The 2005 self-reliance ratio for Torbay was 88.7%. The provincial self-reliance ratio for 2005 was 78.4%.
The Town of Torbay has a very high employment rate, higher than both the provincial and national averages. The employment rate for Torbay in 2006 was 66.4%. At that same time both the provincial and national employment rate was 62.4%. The participation rate for Torbay in 2006 was 73.5%, compared to provincial and national participation rates of 58.9% and 66.8%, respectively. In comparison to the unemployment rate for the province, Torbay’s is substantially lower. In 2006, the unemployment rate for Torbay was 9.7%, whereas the provincial unemployment rate was 18.6% and the national rate was 6.6%.
The education level of the residents of Torbay is among the best in the province of Newfoundland and Labrador. Census 2006 reported 78.5% of people 15 years of age and older in Torbay have a high school diploma compared to 66.5% of people in the province. According to Census Canada about 61.2% of Torbay residents aged 25 to 34 have at least a college diploma or certificate, compared to 53.1% in the province as a whole. In the age category of 25 to 64, 52.9% of Torbay residents have at least a college diploma or certificate, compared to 48.2% in Canada.