Forget the crystal vase, food mixer and bed linens.
Most couples getting married today would like cash to put toward a down payment on a house instead of a traditional wedding present.
In fact, according to a survey done for real estate giant Royal LePage by online pollster Burson, 79% of couples in British Columbia would consider requesting money for a down payment.
That statistic breaks down like this: 43% said they would definitely and directly ask for cash for a down payment instead of a typical wedding gift, 43% said maybe and the remaining handful of couples said they would consider it but didn't want to commit right now.
.jpg)
"A house is an asset that grows in value and puts a roof over your head long after the wedding cake is gone and the dress is boxed up," said one Gen Z survey respondent in BC.
"A one-day party just can't compete with having your own place and the financial security that comes with it."
A hefty majority of couples -- 82% -- indicated they would forgo or severely scale back a wedding in order to put money towards a down payment.
An even bigger majority of couples -- 83% -- identified a home as the biggest and most important purchase in a person's life.
None of this is surprising.
Homes in BC, especially in Kelowna, Victoria and Vancouver, are unaffordable and it would take years and years for a typical couple to save the required down payment for a standard condominium, let alone a townhouse or single-family home with backyard.
Therefore, wedding gifts of cash to put toward a down payment is pragmatic and practical.
Some -- usually those that already have their own home -- may think it's gauche for a couple to ask for cash as a wedding present.
But, with the cost of living and the cost of housing these days, money for a down payment could be considered the best wedding gift of all.
Many couples are also taking another approach -- getting into the housng market before walking down the aisle.
An average wedding can cost $50,000, money 83% of couples would like to see go toward a down payment instead.
"Few milestones carry more weight than buying a home or getting married," said Anne-Elise Cugliari Allegritti, Royal LePage's vice-president of research and communications.
"As the cost of living puts pressure on household budgets across the country, more Canadians are finding themselves having to make difficult trade-offs between the two and in many cases, it's the wedding that gets scaled back."
Cugliari Allegritti knows it's complicated.
"Every couple navigates a unique set of circumstances, from cultural traditions and family support to individual financial goals," she said.
"There is no universal rulebook for how life is supposed to unfold. Doing things in the order that makes the most financial sense for your individual circumstances is always the right call because however you get there, the happily ever after is yours to define."
