this post was submitted on 17 Jul 2024
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You are ignoring maintenance, tax and other "running" costs that have to be paid to own and live in your own house.
I am a homeowner and while I intially agreed with you out of instinct, if you figure that monthly rent should be thr equivalent to property taxes, maintenance and whatever utilities are included in the rent the big push I'm favour of home ownership is the fact that you don't pay capital gains on a primary residence. In the above example, an investment gaining $1.4M in value would have (Ontario) taxes of around $350k... So it really depends on whether the house being considered is a primary residence or not.