Methodology
This calculator uses a cash-flow method to compare renting and buying on an equal footing. Each year, whoever has the lower housing cost invests the difference: the renter invests what the buyer spends on ownership costs (mortgage payments, property tax, condo fees, maintenance, and insurance) above the rent, and once owning becomes cheaper (for example after the mortgage is paid off) the owner invests the savings instead.
At the end of the holding period, the owner sells the home — net of selling costs and remaining mortgage balance — and both sides cash out their portfolios net of capital gains tax (none on the tax-sheltered share, which is treated like a TFSA; an RRSP is only approximated). The option that leaves more after-tax net worth wins. Other calculators to compare: John Robertson and PWL Capital calculators.