If you and your long-term partner are ready to take your relationship to the next level, what are you choosing to do first: a mortgage or marriage?
According to a recent Houseful survey, a majority of young first-time homebuyers in Canada are choosing doorbells before wedding bells.
The online Canadian real estate platform owned by RBC found that 78% of single and unmarried first-time homebuyers under 30 are prioritizing saving for a mortgage over having a big, lavish wedding.
“Younger adults are increasingly conscious of ongoing housing affordability challenges, which motivates them to secure a financially stable future by seizing saving opportunities earlier,” said Karen Starns, CEO of Houseful, in a news release.
“After getting a foothold in the market, they can gain the flexibility to pursue other life milestones that are important to them.”
With the cost of living crisis in Canada, buying a home or having a wedding is easier said than done.
According to a recent report from the Canadian Real Estate Association (CREA), the average price of a home went up significantly this year.
The actual (not seasonally adjusted) national average home price in March 2024 was $698,530, up 2% from March 2023.
In January, CREA said this national average was $659,395, up 7.6% from January 2023. This means from January to March this year, buying a home became $39,135 pricier.
Houseful’s survey found that prospective homebuyers are aware of these difficulties in the current market, with 73% of those under 30 saying that reports about the market make housing look unattainable.
But this isn’t stopping them from prioritizing home ownership, with 71% believing it will be an important part of their retirement plan.
If you’re prioritizing a mortgage over marriage, Daily Hive wants to hear from you. Why have you decided to prioritize buying a home over having a wedding? How are you saving up?
Share your story with us in the survey below or email your responses to [email protected]: