Canadians plan to spend $15,000 on weddings this year

Not many Canadians can go all Kim Kardashian on their wedding day, spending around $30 million for the grand event -- nor would they necessarily want to. But Canucks aren’t exactly cheapos when it comes to nuptials, either.

Canadians plan to spend an average of $15,000 on their weddings and invite an average of 100 guests, according to a new BMO InvestorLine study.

People from the Prairies (not including Alberta) are most likely to go all out, spending an average of $27,239 and hosting an average of 135 guests.

Albertans are right behind their neighbours, planning to spend an average of $24,360 for a party of 115.

Other regional highlights:

• Ontario: $14,547 on average and 106 guests

• B.C.: $14,177; 82

• Atlantic: $11,573; 120

• Quebec: $8.448; 77

It's a far cry from what the average wedding cost in the U.S. last year, which topped out at nearly $30,000, according to TheKnot.com's annual survey. And that doesn't include the honeymoon. Even the least expensive place to get married -- Idaho -- still beat out the Canadian average at $16, 159. It could be worse. People living in Manhattan spent the equivalent of a healthy down payment on a home, maxing out at just under $87,000 for their wedding costs.

But how do Canadians plan to pay given debt levels across Canada continue to hover around record highs and so many young people are struggling with employment concerns, student loans and saving for their first real estate purchase?

Those polled said they plan to use investments or other savings to cover 60 per cent of the costs for the big day. To pay for the rest, they’re relying on the bride and groom’s parents, credit cards and/or lines of credit, and contributions from friends and family members at pre-ceremony events like Stag and Doe parties (aka Jack and Jill parties).

Maybe Canadians need to look to actors Dax Shepard and Kristin Bell for guidance. The couple reportedly spent a grand total of $142 on their wedding last October, including the cost of fuel to get to the courthouse.

Honeymoon highlights

Canadians aren’t shying away from splurging on romantic getaways, either. Those soon tying the knot plan to spend an average of $5,272 on their honeymoon.

Prairie folk seem to have a taste for far-flung destinations and five-star resorts or both, with the average cost of a honeymoon being $18,703. Albertans are the next biggest spenders, aiming for a tab averaging $4,969.

Other average costs of a honeymoon:

• Ontario: $4,905

• B.C.: $4,836

• Atlantic: $3,541

• Quebec: $3,278

Twenty-four per cent of respondents picked Hawaii as the destination of choice, followed by the Caribbean (22 per cent), Europe (18 per cent), Australia and New Zealand (11 per cent), and Canada (10 per cent).

With a getaway to pay for on top of the invitations, dress, flowers, reception, take-home goodies for guests, thank you cards, a photographer, and more, remember this: it all adds up, big time.

“With two airline tickets from Toronto to Honolulu costing around $3,850, and a seven-night stay in a five-star hotel running as high as $ 4,500, it’s more important than ever that couples factor in the full range of their wedding costs to ensure they can afford their dream wedding and honeymoon as well,” says Julie Barker-Merz, CEO, BMO InvestorLine. “Have a plan and monitor your investments regularly. This will help keep financial stress to a minimum as the big day approaches.”

Here’s another way of looking at it. Ten years down the road, chances are that very few people, including you, will remember what flavour the cake was, what the centrepieces looked like, or what the best man wore. And of the hundreds of photos you may have paid a pro to take, only one or two will end up hanging in your home.