Rent vs. Own
"A handy rule of thumb that emerged from our analysis is the 0.6%: if you can rent a home for anything less than 0.6% of its purchase price, you are likely to be further ahead as a renter; if your rent is above that 0.6% level, the balance shifts in favor of owning."
So I looked up the Vancouver real estate listings and saw that someone next door was selling their place which was quite similar to ours (newer, and with a nicer view, but smaller) for roughly $450,000. Allowing for the age difference, we could knock it down to say $400,000.
0.6% of 400,000 is $2,400. Thankfully, our rent is not $2,400 a month.
Of course, if this news article is right and the average house in Vancouver is going to cost $1.2 million by 2010 then maybe buying is the right decision! (via Vancouver Housing Blogger)