Double Income Families Driving Housing Market

Marci • July 21, 2015

No doubt you have thought about the affordability of the current Canadian housing market. And chances are you have even thought about where houses prices will go in the future! Maybe you have parents that tell you stories of a different time when they bought their first house for less than you paid for you first car. Inflation accounts for some of the increase in prices, but there has to be something else (most likely lots of something elses).

In a recent study completed by Statistics Canada called: Employment patterns of families with children, 1976 to 2014, the study noted that…

“In 2014, 69% of couple families with at least one child under 16 years of age had two working parents, up from 36% in 1976.”

Said in another way (as it relates to affordability of housing)

In 1976, 36% of couple families with at least one child under 16 years of age had two working parents contributing to household income (including the mortgage). In 2014, this number jumped to 69%.

With almost 7 out of every 10 families having the ability to qualify for their mortgages using two incomes, it is no wonder that over the last 30 years house prices have increased significantly. As income is the main driver in affordability, double income families have more income than most single income families, so they can afford to spend more on housing.

So what does all this mean to you?

Well… if you are a single person or one half of a double income family, housing prices continue to go up, making housing less affordable. If you are considering getting into the market, making sure you look at all the mortgage options available to you and having a plan to pay off your mortgage is essential.

I am a mortgage professional and I would love to sit down with you and discuss your specific financial situation in order to help you arrange financing to purchase a home that suits your personal and family’s needs.

Here is the complete study from Statistics Canada for your reading pleasure.

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Smart Strategies to Save for Your Down Payment

By Marci Deane • March 25, 2026
How to Start Saving for a Down Payment (Without Overhauling Your Life) Let’s face it—saving money isn’t always easy. Life is expensive, and setting aside extra cash takes discipline and a clear plan. Whether your goal is to buy your first home or make a move to something new, building up a down payment is one of the biggest financial hurdles. The good news? You don’t have to do it alone—and it might be simpler than you think. Step 1: Know Your Numbers Before you can start saving, you need to know where you stand. That means getting clear on two things: how much money you bring in and how much of it is going out. Figure out your monthly income. Use your net (after-tax) income, not your gross. If you’re self-employed or your income fluctuates, take an average over the last few months. Don’t forget to include occasional income like tax returns, bonuses, or government benefits. Track your spending. Go through your last 2–3 months of bank and credit card statements. List out your regular bills (rent, phone, groceries), then your extras (dining out, subscriptions, impulse buys). You might be surprised where your money’s going. This part isn’t always fun—but it’s empowering. You can’t change what you don’t see. Step 2: Create a Plan That Works for You Once you have the full picture, it’s time to make a plan. The basic formula for saving is simple: Spend less than you earn. Save the difference. But in real life, it’s more about small adjustments than major sacrifices. Cut what doesn’t matter. Cancel unused subscriptions or set a dining-out limit. Automate your savings. Set up a separate “down payment” account and auto-transfer money on payday—even if it’s just $50. Find ways to boost your income. Can you pick up a side job, sell unused stuff, or ask for a raise? Consistency matters more than big chunks. Start small and build momentum. Step 3: Think Bigger Than Just Saving A lot of people assume saving for a down payment is the first—and only—step toward buying a home. But there’s more to it. When you apply for a mortgage, lenders look at: Your income Your debt Your credit score Your down payment That means even while you’re saving, you can (and should) be doing things like: Building your credit score Paying down high-interest debt Gathering documents for pre-approval That’s where we come in. Step 4: Get Advice Early Saving up for a home doesn’t have to be a solo mission. In fact, talking to a mortgage professional early in the process can help you avoid missteps and reach your goal faster. We can: Help you calculate how much you actually need to save Offer tips to strengthen your application while you save Explore alternate down payment options (like gifts or programs for first-time buyers) Build a step-by-step plan to get you mortgage-ready Ready to get serious about buying a home? We’d love to help you build a plan that fits your life—and your goals. Reach out anytime for a no-pressure conversation.

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