Bad romance: Majority of Canadians would rather save for a down payment than get married
The country’s high mortgage rates and rental costs are putting a damper on Canadians’ wallets and love lives, according to a new report.
Mortgage brokerage 360Lending recently surveyed 1,000 Canadians about how their housing payments have been impacting their romantic relationships.
Recent reports indicate that Canadians need to make over $100,000 per year to afford a home in most large cities across the country (and that amount increases astronomically for major cities like Vancouver or Toronto).
Rents across the country are also reaching astronomical highs, and all this financial pressure is also putting a strain on relationships, according to 360Lending’s findings.
The survey noted that 67.3% of respondents said they would skip Valentine’s Day with their partner to save for a mortgage or down payment.
Canadians don’t seem to be interested in love when a house is on the line, either. Almost half of respondents (44.5%) said they’d rather save money for a down payment on a home or condo instead of “being in love.”
When asked if high mortgage or rent payments had negatively affected their love life over the past year, a combined 49.2% of respondents answered “yes.”
The report highlighted that Canadians are choosing to spend less on their romantic partner. Over half of respondents (51%) said they’ve been prioritizing their housing payments instead of spending quality time with their partner over the past year.
It looks like marriage may also be out of the question for many folks as well, as 80% of respondents said they would rather save money for a home or condo than get married.
Ringo So, mortgage agent and managing partner of 360Lending, noted that high mortgage payments are ruining romance for many.
“We’re seeing that higher mortgage rates are seriously costing Canadians love, relationships and generally joy,” he said in a statement.
The reality is that Canadians have more options than they think. Homeowners need to speak with a mortgage professional if their monthly mortgage payments are mucking up their lives (romantic and otherwise).”
The brokerage also questioned respondents about what they’ve been sacrificing to afford their mortgage. Over one in five (23.6%) said they’ve forgone travel, 17% said they never go out, 10.8% claim they no longer go out, and 8.51% said they’re choosing not to have kids.
Have high mortgage payments and rents been putting a damper on your love life? Let us know in the comments.
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