Mom and Dad say the early ’80s were harder for homebuyers. They’re not completely right.

Canadian homebuyers today face greater financial challenges than those in the 1980s despite lower interest rates. In 1981, rates peaked near 22%, but homes cost three to four times household income, with smaller mortgages and shorter saving periods. Now, average home prices have risen 57% since 2015, far outpacing wage growth, with mortgage payments consuming over 50% of income nationally and over 70% in Toronto. First-time buyers are older, saving longer, and stretched by 30-year amortizations, reflecting a structural affordability crisis.