Chiming in from Canada - in the Toronto area.
We had a 25 ft sailboat in a local marina as a hobby for years, and that shit was expensive! But just for fun, i did the math on a liveaboard as cheap as possible without any maintenance and assuming a total loss of the boat. Buying a cheap 35-40' boat (what I would want) for around $15K, it would take 5 years for the boat to break even with a rental apartment even here in our hot housing market.
In those 5 years I would have to shower at a marina, only eat what fit in the boat's fridge (tiny) and cook on 2 burners. Also, since the boat would be inoperable due to the lack of maintenance, I wouldn't be able to move it if the marina changed hands or made a "no liveaboards" rule, which many around here are doing. This risk poses a problem - especially if you are thinking that a boat is the ultimate in LCOL mobility.
Plan B would be to ditch the fees at the marina and live "on the hook" - drifting at anchor out in some bay. In theory this would allow you the freedom of the boaty life without the fees. It would also mean no showers or hygiene, no electricity unless you spent $$$ on a solar setup. Many jurisdictions have bylaws limiting how long your boat can stay at a mooring or anchorage, so you would have to relocate regularly, meaning upkeep to your running systems... and increased maintenance costs.
So basically, there is no free rent here. You will live cheaper, but it will take years of discomfort to come out ahead. A cheap batchelor pad is a better deal... but I still dream of sailing south some day.