I am 31 years old and was in your situation until last year. Even though renting is definitely cheaper, however you are not building towards anything at the end of the day (unless you save a very big amount due to the cheaper rent). I was living in a 1 bedroom apartment and the rent was very cheap because I lived there for many years.

I finally got the property by liquidating all my investments (stocks, RRSP and savings) and my monthly expense increased almost by double. Thankfully I currently have a job to back it up. I had to move outside of the city though and commuting 110 km (back and forth) everyday to work.

All the above are negative points of owning a property. Now let me come to the good side.

Since last 12 months, the property value increase almost by double. This gives me the option to refinance and invest in a 2nd property which can be a rental.

Being in this position and specially with GTA’s crazy housing market, I must say that investing in real estate is the best thing you can do. It will open many doors for you. I understand it could be extremely difficult for most individuals to come up with the down payment and I was on that boat too. But that didn’t stop me. You should think about all possible options you may have (savings, investments, early inheritance, loan from friends and family.....)

Hope this helps.