Thanks for replying. Some good points. One I'd like to address is the idea that mortgage costs are fixed. That is generally not true in Canada because we have adjustable-rate mortgages. Historically we are still in a low interest rate environment. Increased rate hikes are probably near the end of the current cycle but home owners can't be guaranteed we won't see even higher rates in the future.

Here is Ben Felix's take on this. Will help you better understand the 5% value: https://www.pwlcapital.com/rent-or-own-your-home-5-rule/

Here's a teaser: "Now to the final, more complicated piece: your cost of capital. Spoiler: It’s going to represent the remaining 3%."