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