Originally Posted by
Misterman
Biggest issue I see with the math, is you aren't using realistic figures. Rent is virtually always more expensive per month than a mortgage and all of it's extra costs would be on the same property. Which should be a no brainer as the landlord has all those costs of the mortgage and they need to at a minimum break even on their costs through the rent they charge you.
So barring some type of major housing crash, it is always going to be better to own a property than rent it if you need a place to live regardless. And then you factor in the possibility of renting a room or two, or building an income suite in your basement, and suddenly that mortgage is outpacing rent by an even bigger factor.