To Rent or Not to Rent, That is the Question.....

A lot of my friends and family own their houses and constantly bitch about the cost of upkeep, property taxes in addition for some strata fee's etc.....

It's becoming ever more clear to me why I will probably never own my own home and renting isn't the worst thing out there.

Pro's Vs. Con's to owning property in Vancouver.

Con's To Owning
* Paying more than 500G for less than 600 sq ft anywhere in the lower mainland west of the Valley.
* Owning in strata's... need permission from a committee to "okay" allotments to the exterior of your own home. (Unforntually strata's are the only way a lot of people can afford to own homes these days, without living in the valley)
* Maintenance (inside and out), repairs, reno's = all at your own cost and time.
* Property taxes
* House Insurance. Okay this isn't really a con, but it's a completely different policy than that of renters in apartments or units in houses.
*In Debt for the next 20-30 years (not a bad debt, you have a house to show for it)

Pro's to Owning
* You own your own damn house. Enough said.
* Investments, you can make money on your investments if you're able to rent it out etc. (Someone else pays your mortgage.)

Con's To Renting (apartments and basement suites)
*You may not have courtesy neighbours when it comes to being noise pollution and hours of the day.
*You need permission to do the simplest things, like painting. That has to be approved by property management. (Some don't care, most do).
* 90% of the time landlords do not allow you to have pets. (Most won't allow cats and dogs, but will allow caged animals, rodents and fish...... so I cant have a cat, but I can have a 60 gallon fish tank? Who knew?)
*Landlords can evict you for whatever reason they feel is justified.

Pro's To Renting
* Renter's Insurance - If you have it, check it twice. You're covered for a lot of things that may not be your fault. Earthquakes - (check your policy close on this one, since a lot of  places do not allow this protection after a certain year cos we live on a fault line) floods, back up floods, loss of food due to power outage, fire, theft, maintenance in and outside the building. Say if the city is doing road repairs down the street and hit a line, and it floods my house, I'm covered. The Neighbour falls asleep while smoking and burns the building the the ground, I'm covered.
* If any appliances break down, they are replaced immediately without cost to you.
* More sq ft for less money. (Means you can have HOUSE furniture and not scaled down loft size furniture)
*No pets. This is a bonus if you have allergies, but doesn't help if the neighbour smokes. Although you can file a complaint if her/his smoking casuses your apartment to smell.
* No Property Taxes. You may have strata fee's depending on the building and amenities.
* No property maintenance. Unless you rent a house, even then the landlord usually has hired someone to maintenance their property.
* Freedom to move from one city to the next without worrying about selling your home.
* You have rights to dispute against your landlord for eviction, repairs, etc.  Just cos the management says you must do something or leave, doesn't make it so. Thank Gawd for the Residential Tenancy Act.
* A variety of prices in renting around the city... There is something for everyone

Would love to hear your pro's vs. cons on owning/renting.