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I've been both a renter and home owner and there are a lot of wrong information here. If you are planning to buy a home and hoping it increases in value 10-20% in a short period of time, good luck with that. There probably are a few areas in the lower mainland that could possibly get those returns but the home prices are already so high that there isn't much room to gain anymore.
For those who think renting are for those who can't afford a home, you are sorely wrong. Anyone can buy a home if you have money and good credit. Instead of tying up all your money into a property, smart renters actually have their money invested gaining 10-15% rates of return a year which like 4444 has reiterated, is way higher than what your home would gain in a year. You aren't wasting money paying rent if you are making more in your investments.
I think a lot of us have too much pride of home ownership. I am of Chinese background and I have been brainwashed that I need to own my own home. After owning a home and renting, both options are good as long as you are making the right financial choice that fits with your preference and lifestyle.
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