Most Atlantic Canadians would scale back their weddings for house down payment: survey

A new survey finds Canadians would cut back on wedding expenses to purchase a home instead.

Most Atlantic Canadians would shelve the champagne and go for a playlist over a DJ at their weddings to save money for a house down payment, according to a new survey by Royal LePage.

The Rings vs Real Estate survey, which polled 1,717 adults across Canada earlier this year, found 95 per cent of Atlantic Canadian respondents would forgo or significantly scale back their weddings to instead put money towards a down payment on a house.

Sixty-one per cent of people who already had their weddings said they would have cut back on their nuptial expenses to save up for a down payment.

“Across Atlantic Canada, many young couples often prioritize home ownership before having a wedding,” said Tanya Colbo, sales representative with Royal LePage Atlantic, in a news release. “Previous generations had more flexibility to pursue major life milestones like buying a home and planning a wedding at the same time, but today’s buyers are much more focused on long-term financial stability and investing in their futures.

“Many couples want to enter the housing market when conditions are favourable, whether that involves lower interest rates or less competition, and are choosing to purchase a home first and plan a wedding at a later date once they feel more financially secure and have a better understanding of the costs associated with home ownership.”

Eighty-two per cent of Atlantic Canadians said they would ask for money for a down payment instead of a wedding gift.

“I want to step away from the traditions and do a tiny and minimalist wedding just inviting friends and family because I think it’s wasting money trying to please others,” says Ojasvini Parashar from Moncton.

Nationally, 73 per cent of respondents said home ownership is a more significant personal milestone than having a large wedding.

With files from CTV News Atlantic’s Emma Convey