Dream homes taking priority over dream weddings for many Canadians

CTV’s Spencer Turcotte takes a look at a new survey suggesting some Canadians are skipping “I do” in hopes of affording a home.

As housing affordability continues to challenge young Canadians, many couples are choosing starter homes over lavish weddings, according to a new survey from Royal LePage.

It found 82 per cent of respondents would forgo or significantly scale back a wedding celebration so they could put more money towards a down payment on a home. When asked if they would consider asking for contributions for a down payment instead of traditional wedding gifts, 79 per cent said yes.

For some couples, that trade-off is their reality.

Jasmine Leikucs, who lives in Kitchener, Ont., said she and her partner put their wedding plans on hold so they could buy a home.

“This is an opportunity that I had where I could purchase a house and… this may delay, if we want to have a wedding at some point, but this is a chance to still live together in town and really build a life together,” she told CTV News.

Weddings can cost tens of thousands of dollars, so some Canadians believe the money would be better spent on the housing market, particularly as conditions are somewhat more favourable for buyers in parts of the country.

Tom Storey with Royal LePage Signature Realty said some buyers see the current market as an opportunity they cannot afford to miss.

“I think a lot of people are going, ‘Hey, there’s a moment now that we qualify for what we want or close to what we want. We don’t want to miss that moment,’” Storey explained.

Experts also say younger buyers are increasingly viewing condos and starter homes as a stepping stone, placing greater emphasis on building equity than hosting an expensive celebration.

Storey pointed to federal funding as another factor encouraging younger Canadians to prioritize homeownership.

“In 2023, the Canadian government put in the First Home Savings Account, which is actually a really, really great account where you get the tax deduction when you put the money in. It grows tax free,” he said.

While home prices in some markets are more attainable compared to previous years, wedding costs have remained high, prompting some couples to rethink how they mark major milestones.

“This is an investment in my future, but also our future collectively as a partnership,” Leikucs explained. “It made sense for both of us.”

The path to commitment is increasingly being measured not just by walking down the aisle, but by walking through the front door of their first home.