Many Canadians opt for vacation over mortgage payment, Transat says

Global News

With home prices as high as they are in several cities, some consumers appear to be electing to skip the endless grind of saving up for a down payment and instead escape on an annual holiday package.

Or two. Or even three, each year.

“You have people that travel three times a year now. That’s something that 10 years ago never happened,” the head of Transat A.T. Inc., the country’s biggest vacation package operator, said Thursday.

“There were very few [people]” who went on vacations that much, Jean-Marc Eustache, Transat’s chief told a conference hosted by CIBC.

“When people don’t have money to buy big things, they are buying holidays because holidays are cheap at the end of the day,” Eustache said. And they’re getting cheaper.

Vacation prices fall

Eustache said that prices on packaged tours such as all-inclusive trips to the Caribbean and Europe have been falling in recent…

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