• 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.