Weddings are really expensive, which is probably why Canadian couples don’t want to spend their money on them.
According to a recent survey by RateSupermarket.ca, 84 per cent of Canadians would rather spend their money on something other than getting hitched.
What exactly would they splurge on? Well, 40 per cent of Canadians said they’d turn their wedding budget into a down payment on a house. While another 40 per cent said they’d prefer to use the money for travel. Of the married respondents, 38 per cent said they, too wished they spent their wedding money on a down payment.
Even some married Canadians revealed they regretted spending for a wedding. Twenty per cent said they wish they’d invested the money instead. And, 33 per cent of unmarried Canadians also said they’d prefer to invest their money.
Janine White, Vice-President of Marketplaces and Strategy Development at RateSupermarket.ca says with real estate prices dropping and interest rates rising, it makes sense that couples would rather invest in real estate than spend on an event.
“Shifts in real estate prices and rising interest rates are possibly pressuring more couples to get into the market sooner rather than later and deferring wedding plans,” White said. “Of course, financial goals will differ depending on the couple, but we are definitely starting to see a change in the environment, whereas, in the past, a wedding was traditionally the key priority for most couples – then maybe followed by buying a home, starting a family, and retirement.”
Since Canadians can qualify for a mortgage with as little as 5 per cent down, some couples (outside of Toronto and Vancouver, of course) could get away with putting a mere $23,600 down on a home.
By contrast, the average cost of a wedding is estimated at $46,401.