Canadians willing to scale back on weddings for homeownership, Royal LePage survey finds

A majority, 82 per cent, said they would either skip or significantly scale back a wedding celebration to put more money toward buying a home. Photo by ASHLEY FRASER/Postmedia

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Canadians are turning away from the “dream wedding” and opting for something they see as more permanent: a foothold on the property ladder.

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A new Burson survey conducted for Royal LePage, published Thursday, said nearly 80 per cent of respondents who are planning a wedding (or who knows someone who is) would consider asking for money towards a down payment instead of traditional wedding gifts.

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A majority, 82 per cent, said they would either skip or significantly scale back a wedding celebration to put more money toward buying a home.

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“Few milestones carry more weight than buying a home or getting married,” Anne-Elise Cugliari Allegritti, vice president of research and communications at Royal LePage said in the report. “However, as the cost of living continues to put pressure on household budgets, it’s the wedding that gets scaled back.”

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The trend appears to be more pronounced in the country’s less affordable markets.

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In British Columbia –– the province where respondents were most likely to prioritize saving for a home rather than wedding spending –– 86 per cent said they would consider requesting down payment money as a gift.

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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,” “said realtor Adil Dinani of Royal LePage West Real Estate Services in Vancouver.

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Cugliari Allegritti explained that the fear of being priced out of the market has become a “powerful motivator” compared to the pressure to have the picture-perfect wedding.

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Tom Storey of Royal LePage Signature Realty in Toronto said couples are increasingly opting to buy a home before tying the knot.

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“With the cost of entering the housing market among the highest in Canada, many buyers are prioritizing saving for a down payment over spending heavily on a large or luxury wedding,” he said.

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In Prairie provinces, respondents appeared somewhat less willing to ask for financial help. Just 23 per cent of those surveyed in Manitoba and Saskatchewan said they would definitely ask for down payment money over traditional wedding gifts –– the lowest share among regions surveyed. Thirty-three per cent said they would not request money at all –– the highest figure recorded nationally.

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Still, nearly 50 per cent of those in Manitoba and Saskatchewan said they would definitely scale back a wedding celebration to put money towards buying a home.

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Quebec respondents also stood apart from the bunch as the least likely to achieve either milestone, marriage or homeownership.

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“Culturally, we take a different approach to these milestones. What is certain is that long-term financial stability is a top priority, but must be balanced with quality of life,” said Julien Jacoby-Boissy, residential estate agent at Royal LePage Triomphe in Montreal.