[LancerBoy]

Renting vs. owning is like leasing vs. purchasing a car.

I'm going to use Jim as an example. Renting would be ideal if Jim's work requires frequent travel, or his work is unstable. In the same way, it makes sense to lease a car. You can spend $40k leasing a car for 4 years. Or you can spend $40k financing one and own it after 4 years.

But after 15-20 years time, when Jim is in his late 40's, he would have paid off his mortgage while his buddy Joe continues to rent all the way into retirement.

Now, Jim's cash flow just increased by $1500 (avg.). Hard cash going straight into his bank account. He can do whatever he wants with this cash, hell he can get a 80K car if he wants to. Also, Jim now has a place which he owns and he can sell it then use the money for retirement while renting a smaller place. And if he dies, he can have something to give to his kids.

Joe is the opposite of Jim's situation. He continues to rent but owns nothing in the end.

Yes, owning requires paying strata or house repairs. But that's part of life. You take care of it because you own it.

Sure, the housing prices may drop a little. But it would not be significant enough to cause major concern because Vancouver is not in the same unemployment situation as US.