The scariest part of renting for me is somebody else gets to pick when you move and how much you have to pay monthly. Life can be cruising along nicely yet you are always 61 days away from disaster. Owning a home drastically slows down the swings. You can see rates rising or monthly cashflow not working out and take steps to improve your position. If you are already renting on the low end of the market, there is not much you can do to improve your position (and it will quickly get worse).Another common mindset is that when renting, you are just paying someone else's mortgage. Owning, at least your money is paying off your own home (eventually or almost never with these prices).
On our last house, I ran some numbers using the required expenses (mortgage, tax, maintenance) and appreciation in house price. For renting to be a better deal financially, I needed to find a place to rent for minus $2000 a month (ie the landlord needs to pay me to stay there). Ontario market is not normal though. House cost less than 2000 a month (including principal payments, half that if you ignore principal) and was appreciating at more than $3000 a month. Current house is even more crazy with house appreciating five to six dollars for ever dollar of monthly expense (including principal payments, almost 10 to 1 if you exclude principal). All of that untaxed. Crazy.