Toronto, Montreal and Vancouver see the largest net flow of millennia in the last 12 years, the main reason why housing demand is expected to remain strong despite the extraordinary costs, according to the Royal Bank of Canada.
The population of 20- to 34-year-olds grew by 96,000 in the three cities last year, most of them from abroad, says Robert Hogg, a bank economist in Toronto, in a report Thursday. Indeed, for every millennial existence that left the country's largest cities for cheaper excavations elsewhere, they collectively received seven to 12 millennia from abroad or from other parts of the country.
Millennials gather in cities for their prosperous economies and cultural scenes. Canada also introduced a fast visa program for highly skilled workers and saw a wave of foreign students in the country.
"The demand for housing is not in danger of falling anytime soon," said Hogg. "But what can fall is the rate of homeownership of young households. High housing prices set an incredibly high bar to clear up for millennia to become homeowners in a large city." "Expect most of them to rent in the future. "
That topic was highlighted with a special report Thursday from the Zoocasa real estate website. It found that only the first 10 percent of Toronto's revenue workers can afford to buy a house, and in Vancouver only the top 2.5 percent.
With the help of Natalie Obico Pearson.