Let's do the math, "Renting vs Owning".
At age 30 you purchase a 3 bedroom, 2 bath house in the suburbs for $250,000. You put nothing down and finance it over 35yrs.
Monthly Payments:
Mortgage $1,300
Taxes $300
Utilities $200
House insurance $100
Maintenance $100 (Furnace, Roof, Driveway)
Grand Total $2,000 monthly
You now rent that same house monthly for $1,500 including utilities.
That's a difference of $500 a month for renters. You now take that saved money and put it into a RSP and get a return of 10% compounded over 35 years. You might make $300,000.
However, if you sell that same house 35 yrs later you might make 3 to 4x the value of what you purchased it 35 yrs back. Say, you only sell it for $500,000 minus the realtor fees, that's $475,000.
$475,000 - $300,000= +$175,000 for owners vs renters.
I know taxes and utilities increase over 35 yrs but so does rent, this is just a general explanation. And i know my house will at least increase 3 to 4x it's value in 35yrs. It's always safer to invest in property than the stock market.
Look at the graph from 1973 to 2008 and see how much houses increased in value over 35 yrs. It increased on average 7x it's original price.
http://www.wheretrustbegins.com/4a_custpage_9237.html