• Average home prices would need to fall $341,000 – half 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 $108,000/year – 100% more than current levels.
• It takes 17 years of full-time work for the typical young person to save a 20% down payment on an average priced home – 12 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 Canada has reached $14,004/year, compared to average rents closer to $10,161/year back in 1981.

The numbers in Figure 8 illustrate the gap between average home prices in Canada and what is considered affordable for typical residents between the ages of 25 and 34, based on their typical earnings.

• Average home prices would need to fall $567,000 – over 60% 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 $145,000/year – over 150% more than current levels.
• It takes 22 years of full-time work for the typical young person to save a 20% down payment on an average priced home – 17 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 BC has reached $18,792/year, compared to average rents closer to $11,671/year back in 1981.

The numbers in Figure 9 illustrate the gap between average home prices in BC and what is considered affordable for typical residents between the ages of 25 and 34, based on their typical earnings.

• Average home prices would need to fall $814,000 – over 68% 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 $186,000/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 Vancouver has reached $21,888/year, compared to average rents closer to $12,392/year back in 1981.

The numbers in Figure 10 illustrate the gap between average home prices in Metro Vancouver and what is considered affordable for typical residents between the ages of 25 and 34, based on their typical earnings.

• Average home prices would need to fall $548,000 – 60% 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 $142,000/year – 150% more than current levels.
• It takes 22 years of full-time work for the typical young person to save a 20% down payment on an average priced home – 16 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 Victoria has reached $18,852/year, compared to average rents closer to $11,397/year back in 1981.

The numbers in Figure 11 illustrate the gap between average home prices in Victoria and what is considered affordable for typical residents between the ages of 25 and 34, based on their typical earnings.

• Average home prices would need to fall $363,000 – 50% 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 $114,000/year – double current levels.
• It takes 17 years of full-time work for the typical young person to save a 20% down payment on an average priced home – 13 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 Kelowna has reached $17,700/year, compared to average rents closer to $11,191/year back in 1981.

The numbers in Figure 12 illustrate the gap between average home prices in Kelowna and region and what is considered affordable for typical residents between the ages of 25 and 34, based on their typical earnings.

• Average home prices would need to fall $530,000 – over 60% 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 $137,000/year – over 150% more than current levels.
• It takes 22 years of full-time work for the typical young person to save a 20% down payment on an average priced home – 17 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 Ontario has reached $17,580/year, compared to average rents closer to $10,401/year in Ontario back in 1981.

The numbers in Figure 16 illustrate the gap between average home prices in Ontario and what is considered affordable for typical residents between the ages of 25 and 34, based on their typical earnings.

• 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.

• Average home prices would need to fall over $250,000 – 40% 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 $102,000/year – up two-thirds of current levels.
• It takes 14 years of full-time work for the typical young person to save a 20% down payment on an average priced home – 9 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 Ottawa in 2021 was $18,600/ year, compared to average rents closer to $11,294/year back in 1981.

The numbers in Figure 18 illustrate the gap between average home prices in Ottawa and what is considered affordable for typical residents between the ages of 25 and 34, based on their average earnings.

• Average home prices would need to fall over $445,000 – more than half 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 $122,000/year – up 135% over current levels.
• It takes 20 years of full-time work for the typical young person to save a 20% down payment on an average priced home – 15 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 Kitchener- Waterloo in 2021 was $16,272/year, compared to average rents closer to $9,406/year back in 1981.

The numbers in Figure 19 illustrate the gap between average home prices in Kitchener-Waterloo and what is considered affordable for typical residents between the ages of 25 and 34, based on their average earnings.

• Average home prices would need to fall $113,000 – 25% 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 $70,000/year – 34% higher than current levels.
• It takes 11 years of full-time work for the typical young person to save a 20% down payment on an average priced home – 7 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 Quebec in 2021 was $10,704/year, compared to average rents closer to $8,994/year in 1981.

The numbers in Figure 23 illustrate the gap between average home prices in Quebec and what is considered affordable for typical residents between the ages of 25 and 34, based on their average earnings.

• Average home prices would need to fall $197,000 – 37% 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 $84,000/year – 34% higher than current levels.
• It takes 13 years of full-time work for the typical young person to save a 20% down payment on an average priced home – 9 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 Montreal in 2021 was $11,184/year, compared to average rents closer to $9,440/year in 1981.

The numbers in Figure 24 illustrate the gap between average home prices in Montreal and what is considered affordable for typical residents between the ages of 25 and 34, based on their average earnings.

• Average home prices would need to fall $31,000 – 7% 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 $67,000/year – 7% higher than current levels.
• It takes 9 years of full-time work for the typical young person to save a 20% down payment on an average priced home – 3 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 Alberta in 2021 was $15,048/year, compared to average rents closer to $13,182/year in 1981.

The numbers in Figure 25 illustrate the gap between average home prices in Alberta and what is considered affordable for typical residents between the ages of 25 and 34, based on their average earnings. Of the four populous provinces in Canada, Alberta has “relatively” affordable housing – an asset for their economy that is worth cherishing and protecting.

• Average home prices would need to fall $83,000 – 16% 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 $79,000/year – 20% higher than current levels.
• It takes 10 years of full-time work for the typical young person to save a 20% down payment on an average priced home – 4 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 Calgary in 2021 was $16,260/year, compared to average rents closer to $14,761/year in 1981.

The numbers in Figure 26 illustrate the gap between average home prices in Calgary and what is considered affordable for typical residents between the ages of 25 and 34, based on their average earnings.

• Average home prices would need to fall $17,000 – 4% 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 $62,000/year – 5% higher than current levels.
• It takes 9 years of full-time work for the typical young person to save a 20% down payment on an average priced home – 3 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 Edmonton in 2021 was $15,240/year, compared to average rents closer to $13,319/year in 1981.

The numbers in Figure 27 illustrate the gap between average home prices in Edmonton and what is considered affordable for typical residents between the ages of 25 and 34, based on their average earnings.

• Average home prices would need to fall $174,000 – 33% 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 $82,000/year – 50% higher than current national levels.
• It takes 13 years of full-time work for the typical young person to save a 20% down payment on an average priced home – at least 8 more years than when today’s aging population started out as young people.
• Alas, the CMHC data source on which we rely for rental figures does not have information for the Yukon.

The numbers in Figure 29 illustrate the gap between average home prices in the Yukon and what is considered affordable for typical residents between the ages of 25 and 34, based on their average earnings. Among the less populated parts of Canada, the Yukon stands out for having lost control of housing affordability and housing wealth inequality.

• Average home prices would need to fall $27,000 – 8% 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 $56,000/year – 8% higher than current levels.
• It takes 9 years of full-time work for the typical young person to save a 20% down payment on an average priced home – 4 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 Nova Scotia in 2021 was $15,060/year, compared to closer to $9,200/year in 1981.

The numbers in Figure 30 illustrate the gap between average home prices in Nova Scotia and what is considered affordable for typical residents between the ages of 25 and 34, based on their average earnings. As a province with a small share of Canada’s population, Nova Scotia has “relatively” affordable housing – an economic asset that is worth cherishing and protecting.

• Average home prices would need to fall $130,000 – 28% 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 $73,000/year – 39% higher than current levels.
• It takes 12 years of full-time work for the typical young person to save a 20% down payment on an average priced home – 4 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 Halifax in 2021 was $16,020/year, compared to closer to $10,641/year in 1981.

The numbers in Figure 31 illustrate the gap between average home prices in Halifax and what is considered affordable for typical residents between the ages of 25 and 34, based on their average earnings. We single out Halifax within Nova Scotia because it has affordability challenges on par with more populous regions like Quebec.

• Average home prices would need to fall $47,000 – 14% 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 $54,000/year – 16% higher than current levels.
• It takes 10 years of full-time work for the typical young person to save a 20% down payment on an average priced home – 7 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 PEI in 2021 was $12,660/year, compared to closer to $9,097/year in 1981.

The numbers in Figure 32 illustrate the gap between average home prices in Prince Edward Island and what is considered affordable for typical residents between the ages of 25 and 34, based on their average earnings. As a province with a small share of Canada’s population, PEI has “relatively” affordable housing – an economic asset that is worth cherishing and protecting. But the trend since 2017 is worrisome.

• It takes 7 years of full-time work for the typical young person to save a 20% down payment on an average priced home – 3 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 Saskatchewan in 2021 was $13,404/year, compared to average rents closer to $9,165/year in 1981.
• Average home prices in Saskatoon are now $50,000 higher than the provincial average. Average prices in Regina are 25,000 higher.

The numbers in Figure 33 illustrate the gap between average home prices in Saskatchewan and what is considered affordable for typical residents between the ages of 25 and 34, based on their average earnings. As a province with a small share of Canada’s population, Saskatchewan has “relatively” affordable housing – an asset for their economy that is worth cherishing and protecting.

• Average home prices would need to fall $20,000 – 6% 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 $52,000/year – 6% higher than current levels.
• It takes 9 years of full-time work for the typical young person to save a 20% down payment on an average priced home – 5 more years than when today’s aging population started out as young people.
• There is little difference between the average home values in Winnipeg and the rest of the province.
• For those locked out of home ownership, the average rent for a 2-bedroom unit in Manitoba in 2021 was $15,192/year, compared to closer to $9,131/year in 1981.

The numbers in Figure 34 illustrate the gap between average home prices in Manitoba and what is considered affordable for typical residents between the ages of 25 and 34, based on their average earnings. As a province with a small share of Canada’s population, Manitoba has “relatively” affordable housing – an economic asset that is worth cherishing and protecting.

• It takes 7 years of full-time work for the typical young person to save a 20% down payment on an average priced home – 3 more years than when today’s aging population started out as young people.
• There is little difference between the average home values in Fredericton and the rest of the province.
• For those locked out of home ownership, the average rent for a 2-bedroom unit in New Brunswick in 2021 was $11,628/year, compared to average rents closer to $8,650/year in 1981.

The numbers in Figure 35 illustrate the gap between average home prices in New Brunswick and what is considered affordable for typical residents between the ages of 25 and 34, based on their average earnings. As a province with a small share of Canada’s population, New Brunswick has “relatively” affordable housing – an economic asset that is worth cherishing and protecting.

• It takes 8 years of full-time work for the typical young person to save a 20% down payment on an average priced home – 4 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 province in 2021 was $11,112/year, compared to average rents closer to $9,131/year in 1981.

The numbers in Figure 36 illustrate the gap between average home prices in Newfoundland & Labrador and what is considered affordable for typical residents between the ages of 25 and 34, based on their average earnings. As a province with a small share of Canada’s population, this region has “relatively” affordable housing – an economic asset that is worth cherishing and protecting.