The HELOC idea is also good to know (just for the sense of "options" that allows me to feel comfortable investing at all).
I think we're all agreed that buying in Canada right now -and maybe ever again- is cuuuuuraaaaaaaaazy! I bought at the right time once, and sold at the right time, but I learned in that process that homeownership is precarious. In the few years I had it, my insurance tripled (no claims, just the insurance company having fun and making new things up), municipal water/sewer/garbage fees increased dramatically, and property taxes tripled. Well and good to know one's property value is increasing, but where are we to get the money (without borrowing more and more) to pay those increases? And then there's the matter of mortgage interest rates being potentially higher when it's time to renew. No thanks, Canada. Too many variables to potentially change the financial picture on too little notice.
And now, most of it's just crazy expensive to buy outright anyway. Even the "cheaper" condos around Vancouver, with their wild strata fees, nope. The strata fees are often barely less than my rent! And lots don't accept children.
Happily, while owning the house I was able to rent out suites to more than cover all costs, including mortgage. Unfortunately, I seemed to have a desire to spend on the house -not loads, but just improvements. In the end, it all worked out, but now I know the following about myself:
1. I do not like sharing a building with tenants (noise), so would not own something that required me (financially) to do that.
2. BC residential tenancy laws leave landlords very much at risk of massive costs and problems that go on too long.
3. I prefer living in a detached place, am perfectly happy in a small suite, love paying a fraction of the cost, and prefer renting.
4. If I own, I feel compelled to spend on improving the property. When I rent, I feel no such compulsion, and any required improvements the landlord would be covering the cost of.
The only thing I'd consider buying is a "tiny house" ($40,000), and possibly land to put it on, but I'm pretty sure I could keep finding small, cheap, quiet rentals and/or shared/rented land to put a tiny house on.