The Royal LePage report suggests a majority of Canadians would either skip a wedding or scale back their plans to save for a down payment
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A majority of Canadian couples are rethinking the idea of an expensive wedding so they can save up to buy a home, suggests a new survey.
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The Royal LePage survey, conducted by Burson, suggests a majority — 82 per cent — of Canadians would either choose to skip a wedding altogether or significantly scale back their plans in order to save for a down payment.
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It also found, of the respondents who are planning a wedding or know someone who is, 79 per cent said they would consider asking for money for a down payment instead of a wedding gift.
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Respondents in B.C.— the province with the highest home prices in Canada, largely driven by the inflated prices in the Greater Vancouver region — were the most likely (86 per cent) to request financial contributions toward a down payment in place of other wedding gifts, while residents in Saskatchewan and Manitoba (65 per cent) and Quebec (69 per cent) were the least likely.
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B.C. also had the highest number of people (54 per cent) compared with other provinces who said they would skip or scale back a wedding. B.C. also had the highest number of already married couples (66 per cent) who wish they had skipped or scaled back their wedding to prioritize homeownership.
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Adil Dinani, a sales representative for Royal LePage West Real Estate Services in Vancouver, said it has become more common for couples in B.C. to take a long-term view when balancing major life milestones such as getting married and buying a home.
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“Weddings remain an important milestone, but many couples are becoming more intentional about how they allocate their money and are prioritizing home ownership over a large celebration,” Dinani said in a statement.
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“For some, that means delaying a wedding altogether or opting for a smaller ceremony so they can direct more of their savings toward entering the housing market, especially with the rising cost of housing.”
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Nearly half (41 per cent) of respondents agreed with the statement that younger generations see owning a home as a greater milestone than a wedding.
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“Many first-time buyers in our market are couples who have both been renting before purchasing together, rather than situations where one partner already owns a home,” said Dinani.
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“Today’s buyers are being more thoughtful about how they spend and save, especially as the overall cost of living remains high.”
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Burson used the Leger Opinion online panel to survey 1,717 adults in Canada between March 27 and April 15. The poll carries a probable margin of error of plus or minus two per cent, 19 times out of 20.
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