Toronto, Vancouver and Montreal gained 96,000 people aged 20 to 34 over the year ending in mid-2018, the largest increase in millennials in the past 12 years. For every millennial moving out of the three metro centres, there are at least seven moving in from another country or province, according to the report. (Financial Post)

Talking point: Although the net outflow of millennials from the three cities has more than tripled since 2015, RBC says Canada’s plan to increase its annual immigration target from 330,000 in 2019 to 350,000 in 2021 will “help keep the tap wide open,” despite the lack of affordability in the housing market. The report argues that the large number of new people will keep housing prices high, setting an “impossibly high bar to clear for many millennials to become homeowners in a big city.” Those findings are echoed by a report from real-estate search site Zoocasa released Thursday, which found only the top 10 per cent of income earners in Toronto can afford to buy a house, and in Vancouver, only the top 2.5 per cent can, based on a 30-year mortgage.