You might not be aware of all of the costs associated with homeownership.
The initial amount of money you need to buy a home, including the down payment, the closing costs and any applicable taxes.
Large and expensive repairs and renovations your home will eventually need, such as roof replacement or foundation repair.
The continued cost of living in a home you own, including mortgage payments, property taxes, insurance, utility bills, condominium fees (if applicable) and routine repairs and maintenance.
“Everybody knows” that homeownership has become unaffordable in Canada, as home prices have increased much more rapidly than incomes, for a prolonged period, the Mortgage Professionals of Canada has published a report on the cost of owning vs renting to conclude that homeownership is worth the investment. For explanations see the Cost of Owning vs Renting.