• Average home prices would need to fall over $750,000 – 69% of the 2021 value – to make it affordable for a typical young person to carry a mortgage that covers 80% of the value of an average-priced home at current interest rates.
• Or typical full-time earnings would need to increase to $172,000/year – more than triple current levels.
• It takes 27 years of full-time work for the typical young person to save a 20% down payment on an average priced home – 21 more years than when today’s aging population started out as young people.
• For those locked out of home ownership, the average rent for a 2-bedroom unit in the GTA in 2021 was $20,148/ year, compared to average rents closer to $11,671/year back in 1981.

The numbers in Figure 17 illustrate the gap between average home prices in the Greater Toronto Area and what is considered affordable for typical residents between the ages of 25 and 34, based on their average earnings.