You missed the major point of housing as an investment: leverage. 7 percent on a half a million dollar house is a lot more than 7% on a 200,000 stock portfolio. Also, the housing gains are tax free. Anyone who bought a house ten years ago in a major city is probably far more ahead than renters investing in the stock market. You need to quantify the outlays for maintaining a home and the mortgage interest in order to do a meaningful comparison. Going forward, with the biggest and longest bull market in Canadian housing, what is the likelihood of further appreciation? Also, home ownership is at an all time high in Canada. Most people with good paying jobs already own a house, so who will buy their houses when they want to sell? Millenials with low paying temp jobs?