text: Like I said Canadians are financially illiterate and cannot decipher numbers. I'll point out what you're missing. 
  1) $50k down on a $400k condo (12.5%) means you're paying CMHC insurance, which is $10,850 for the first year (see CMHC website) and slightly less every year after. Assuming an average of $8k per year, you're out $40k over 5 years. 
  2) Did she do her own home inspection and legal paperwork at closing? If not, that's another $2k. How about land transfer tax? If she's not a first time home buyer, that's another $8k. 
  3) Opportunity cost - if the $50k down payment was invested in a bank stock with 4% dividend and assuming tax of 50%, she's still getting $5k over 5 years. 
  4) Repairs and maintenance at 1% of cost is $4k a year or $20k over 5 years.
  Recap:  Rent less dividend = $121k
  Ownership including all costs = $156k+mortgage insurance $40k+repairs $20k+closing costs $10k = $226k.
  You have paid off $52k of principal but you've paid $100k more than the renter. Renting wins.