It’s cheaper to get married than buy a house in these Ontario cities
Published August 12, 2024 at 4:44 pm
Marriage or mortgage?
For many Ontarians, that is indeed the question–especially at a time when weddings and houses are becoming increasingly more expensive.
A recent report by real estate website and brokerage Zoocasa indicates that the average wedding costs about $22,000 to $30,000 (according to data from Spring Financial) and that Canadians typically spend about $27,000 (according to wedding website The Knot) on their big day.
While that price tag is high, the downpayment you need to make on a home in major southern Ontario regions such as the GTA, Hamilton-Burlington area (the data is combined) and Niagara region far outstrips the average person’s wedding budget.
According to the report, which uses an average wedding cost of $30,000 and average house price data from the Canadian Real Estate Association, GTA residents are more likely to afford an expensive celebration than a new home.
The report indicates that the average house price in the GTA is $1,162,167, making a typical down payment about $232,433–over $200,000 more than what a couple might expect to spend on their wedding.
In Hamilton-Burlington, the average home price is $922,273, and the downpayment is $67,227–significantly more than a typical wedding. In the Niagara region, a wedding is still more affordable, as the average downpayment is $46,508 (and the average home is $715,077).
Just outside the GTA, Kitchener-Waterloo is also a region where a wedding is more affordable than a typical downpayment. The average house price in the area is $794,201, meaning prospective homebuyers can expect to spend $54,420 to lock down a home–$24,420 more than a wedding.
But there are many cities across Canada where investing in a home is more budget-friendly.
The report notes that in Windsor-Essex, a downpayment might come to about $30,731–about the cost of a wedding. In Sudbury, the average downpayment is $27,504 and in Thunder Bay, it’s $18,684.
The cost is even a bit closer in Montreal, where the average downpayment sits at $38,782–not much more expensive than a $30,000 wedding.
But while some places offer more affordable housing, that might not be much comfort to couples deciding between a sizeable celebration and their first home.
“…as wedding costs escalate and the time required to save for a down payment in the Canadian housing market lengthens, couples often face the dilemma of choosing between saving for a wedding or allocating that money toward a down payment on a home,” the report reads.
That said, it’s interesting to note that in most of Canada, housing remains more attainable than a big nuptial celebration.
The report found that in 56 per cent of Canada’s major real estate markets, a down payment is more affordable than hosting a wedding at the average cost, including in cities such as Regina, Saint John, Nfld., and Trois-Rivières.
That said, the report says there’s more “bang for your buck” in real estate.
“Although opting for a wedding might be more affordable, investing additional funds into a larger down payment can lead to greater long-term financial security by reducing interest payments,” the report reads.
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