For those who are interested, here are some return figures.
property = SRX CCR Index, Stocks = S&P 500, Return are per annum (also, there is no adjustment for currency).
A) Buy in Oct 1998, low for properties, to Current: Property up 6.1%, Stocks up 7.3%. Hello Mr. Opportunity Cost!
With a 75% loan, I estimate the property would have returned ~9.x%. However, the CCR property index itself is up ~4.2x over this period (i.e. 6.1% for 24 years). I am not sure if many properties actually purchased in 1998 went up this much; my guess is that the index is biased upward by the inclusion of newer properties over time.
Anyways, pretty good for the property.
B) Buy in December 1999 to 2013: Property up 5.8%, Stocks up 3.6%.
With a loan, obviously a big win for property. This period likely includes a) unfavourable starting point for stocks (right before peak of tech bubble) and b) a good period for real estate here (period of higher population growth and immigrant inflows).
C) Buy in December 2008 to Current: Property up 6.1%, Stocks up 13.2%.
With a 75% loan, property could be up ~11%. Pretty good for both.
D) Buy in January 2013 to Current (last decade): Property up 2.5%, Stocks up 12.6%
Not much to say here. Starting point for property was unfortunately at a high (opposite of situation B) above). With a 75% loan, property could be up ~6.x%.
--> Obviously, there are other reasons to buy or rent, and the current market shows that if renting then the increase in rent can be substantial.
Moreover, what's done is done; what the next 5-10 years holds is probably more relevant for some. As some said, timing is everything.