Peace River's population in 1921 was 980. According to the 2006 census, the median age was 32.2 years compared to Alberta's 36.0 years and Canada's 39.5 years. Also 7.4% of the population in Town of Peace River was under 5 years old according to the 2006 census. This is on the high side considering that in Alberta, it is 6.2% and 5.3% in Canada as a whole. The 2006 census also showed that 8.2% of population in the Town of Peace River were of retirement age of 65 and over compared with 10.7% in Alberta and 13.7% in Canada.