Waterloo Region’s housing market has become a sizzling topic of concern for Wilmot Township Mayor Natasha Salonen. Despite holding multiple positions, including her role as mayor, regional councillor, and working with the local electric utility, Salonen, who earns approximately $90,000 annually, finds herself unable to purchase a home within the very municipality she leads.
Acknowledging her unique circumstances as a 28-year-old mayor, Salonen highlights the broader challenge faced by young professionals in the region, especially those grappling with university debt. For Salonen, her student loans, a remnant from her graduation from England’s University of Oxford in 2019, contribute to the unattainable real estate prices in the area.
The Wilmot Township, located just outside Kitchener-Waterloo and home to around 22,000 residents, has seen the average home selling for a staggering $916,167 last month, as reported by the Waterloo Region Association of Realtors. This pricing, combined with other financial pressures, has made homeownership out of reach for many young people, including Salonen’s friends in their late 20s.
Salonen’s situation has made her realize that she’s the only mayor among her regional colleagues who doesn’t own a home, bringing her face to face with the challenges many residents are facing.
Local realtor Shawn Ramautor of Royal LePage Wolle Realty weighs in, stating that this housing market situation, unfortunately, is becoming more common, especially for first-time homebuyers. The entry barriers are significant, leading some young adults to move back in with their parents to save up for their own homes. Multi-generational families are increasingly sharing homes due to these obstacles.
Salonen supports a recent announcement to build 10,000 affordable and attainable homes in the region by 2030, although she acknowledges that this initiative may not specifically target young professionals with similar wages to hers. She hopes that municipal leaders will collaborate to create more opportunities for this demographic.
Despite the challenges, Salonen sees a silver lining. Her personal housing struggle has given her a deeper understanding of the people she represents, allowing her to relate to their difficulties in ways she hadn’t imagined before. This connection could be a driving force for positive change in addressing the housing crisis faced by many in the region.