New report compares wedding costs to down payments on homes in Victoria

With high costs of living, many Victorians are now facing a tough question: get married, or buy a home?

A recently released report by Zoocasa examined where it’s cheaper to buy a home than have a wedding in Canada, comparing vendor pricing data with national real estate averages. 

The report analyzed the following markets: Greater Vancouver, Greater Toronto, Victoria, Montreal CMA, Ottawa, Calgary, Halifax, Edmonton, Saskatoon, Regina, and Saint John. 

In seven out of the 11 cities studied, Zoocasa found the cost of the wedding was equal to, or exceeded the minimum down payment required to purchase a home.

Greater Vancouver, Greater Toronto, Victoria, and Ottawa were the only four cities where it was cheaper to have a wedding than buy a home.

According to Zoocasa, the average home price in Victoria is $865,000, with an average down payment of $61,500. In comparison, the average cost of a wedding in the city is $33,000—nearly half the price of a down payment.

For each city, down payment and mortgage costs were calculated using a 3.89% five-year fixed rate over a 25-year amortization period.

The findings highlight the growing financial trade-offs many Victorians face as rising costs continue to put homeownership further out of reach.

So what will it be, wedding or down payment for a house? Let us know in the comment section below.