By 2001, the number of satisfied seniors had fallen to 89 per cent while youth happiness scores had shot up to 97 per cent.
Sharpe attributed some of the change to the economic turmoil that has roiled the job market and depleted savings for those nearing retirement, leaving the country's youngest residents comparatively unscathed.
The data, however, suggests there may be other factors at work causing seniors to feel less positive as they age.
Sharpe said the stats show the need for policy makers to analyze issues impacting seniors, since current approaches appear to be coming up short.
The trend among Canada's aging demographic illustrate why it's important to track happiness alongside gross domestic product and other more traditional indicators of well-being, he said.
"I think the goal should be to improve happiness. It sounds trite, but what's it all about? It's about the life satisfaction of Canadians," Sharpe said.
Satisfaction levels also differed by region, according to the centre's analysis.
Average scores taken over the eight-year period suggest residents of Nova Scotia, Quebec and Newfoundland and Labrador were most likely to be happy with their lives.
Satisfaction scores were lowest in British Columbia, Ontario and Nunavut.
The StatsCan data that formed the basis of the centre's report was gathered from 65,000 people nationwide, but excluded some of the populations most likely to report dissatisfaction with their lives.
The Canadian Community Health Survey does not collect data from people living on aboriginal reserves, full-time members of the Canadian Forces or those currently in institutions.
Sharpe acknowledged data from those excluded demographics could lower scores, adding even the current high numbers should sound a cautionary note.
"I don't want to go to complacency. 'Oh, aren't we great,' therefore there are no problems in Canada. That's not where this is going," he said. "We can do better."

The Centre for the Study of Living Standards says more than 90 per cent of Canadians surveyed report they are either satisfied or very satisfied with their lives. |