• 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.