Re: Renting vs Owning
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I really want to buy but I can't justify it finacially. I don't think I'm missing anything but just in case.
Appreciation - property taxes - condo fees + rent saved - opportunity cost on capital tied up - interest costs on any mortgage.
If the number is negative then that is how much I'd lose by owning vs renting.
Is there something I've neglected?
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You forgot insurance, which is a not-insignificant expense. You also forgot that it is possible to buy properties for less than fair market value, giving you immediate equity. Or you could buy a property for FMV and then improve it to create additional value - zoning changes are your most likely candidates for this in your situation. Tien, I believe is Canadian, and a RE investor that might be able to help you find a cheap decent property, or otherwise have some good Canadian advice.
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