A mortgage amortization schedule explains why the early years feel slow. In roughly the first third of a typical amortization, most of each payment goes to interest rather than principal, so equity builds gradually at first and then faster as the balance shrinks.
Closing costs paid at the start, including legal fees of $800 to $1,500, are sunk before the amortization curve even begins to bend, which is another reason the first year or two almost never favours owning on paper, even though it may already feel like the right decision for other reasons.
Once the slow part of the amortization curve passes, usually within that three-to-five-year window, owning generally overtakes renting for good. Get your hand-reviewed valuation from Joel Dyck.