• 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 the province in 2021 was $21,720/year according to CMHC. That is on par with Vancouver, and higher than in Toronto.

The numbers in Figure 37 illustrate the gap between average home prices in the Northwest Territories and what is considered affordable for typical residents between the ages of 25 and 34, based on their average earnings. As a territory with a small share of Canada’s population, this region has “relatively” affordable housing for prospective owners – an economic asset that is worth cherishing and protecting. Rental is very expensive by comparison with many other parts of Canada.