Almost 40 per cent of married Canadian couples wish they spent wedding funds on homes

Many Canadian couples are having regrets about the cost of their weddings.

Roughly 38 per cent of Canadian couples wish they used the money spent on their wedding on a down payment for a house, according to a new survey conducted by RateSupermarket.ca. The survey also found 84 per cent of Canadians would rather spend their wedding fund on another major expense.

Prospective home buyers would need $23,600 for a down payment if they are looking to buy a house at the national average price of those sold in December 2018 — which was $472,000, according the Canadian Real Estate Association.

The average cost of a wedding in 2018 was $46,401, according to RateSupermarket.ca.

A third of the survey’s respondents said they would spend $5,000 or less on a wedding.

The survey also showed:

  • 40 per cent of respondents said they would use wedding funds to travel
  • 20 per cent of married Canadians wish they had invested their wedding fund instead
  • 33 per cent of unmarried Canadians say they will invest rather than spend on a wedding
  • 6 per cent of Canadians would reallocate their wedding fund to their education loan