As Canadians grapple with a housing and cost-of-living crisis, many young couples are choosing to prioritize saving for a mortgage over a big wedding. This article explores the changing priorities of Canadians, highlighting the stories of two couples who opted to buy a home first. It also delves into the financial challenges of homeownership in Canada and the role of family assistance in achieving the dream of owning a property.
As Canadians struggle with housing and cost-of-living crises, their desire for a big wedding has begun to wane. Many young people can either afford to pursue their dream of homeownership or spend it on a wedding — if they're lucky enough to have the funds to make a choice.Why did they do it? How did they do it? What was the process like? Here's what we found out.Katrina and her partner enjoy going to open houses for fun.
"In my opinion, I can get married anytime versus when that house popped up, it was kind of like, 'oh, this opportunity is not going to pop up again any time soon,'" she explained.The online Canadian real estate platform owned by RBC found that 78 per cent of single and unmarried first-time homebuyers under 30 are prioritizing saving for a mortgage over having a big, lavish wedding.
"We chose to prioritize using our savings into an asset that we could invest in, rather than spending it all on one day and delaying our ability to re-save in the future, once married," she explained. from December 2024 show the average national home price at $676,640. However, that average skyrockets depending on the province and city.
They're undecided if they want to elope or have a reception; however, if it were to include traditional wedding festivities, the IT worker says they would probably invite around 200 people. "My mom was like, you better have a plan after this, but they also understood the current housing crisis situation and that this was a hard deal to find anywhere," explained Katrina.
The 26-year-old says she began saving for a home in her early twenties. At that time, she and her partner lived with their families, which allowed them to set aside half of their income. On top of the sale price of a home, there are also several additional costs. Katrina and Sarah were subject to tens of thousands of dollars in lawyer fees and a transfer tax.
Lifestyle Finance HOMEOWNERSHIP WEDDING COST-OF-LIVING HOUSING CRISIS CANADA
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