Some say love has no price. Others say love always has a price.
What’s certain is that dating and marriage will be significantly more expensive this Valentine’s Day than it was last year, and the falling loonie is at least partly to blame.
The latest “Cost of Love” study from RateSupermarket.ca finds the price of romance has jumped 22.8 per cent since the last survey a year ago. It’s up 41 per cent since the inaugural survey in 2013.
A year of dating, a one-year engagement and an average Canadian wedding will now run you an estimated $61,821.60.
RateSupermarket says the falling loonie is driving up the cost of travel and dining out, and those things are now eating up a larger part of the dating budget. The loonie has lost 25 per cent of its value in the past two years, the fastest decline on record.
“With consumer spending power on a decline, Canadians will see their dollars stretched on fancy dinners out and romantic getaways, RateSupermarket editor Penelope Graham said in a statement. “For couples planning significant financial milestones, this year may be especially hard on the wallet.”
Here is RateSupermarket’s breakdown of the cost of love for 2016.