Owning wins against renting once enough time has passed to absorb the upfront costs: legal fees of $800 to $1,500, a home inspection typically $400 to $600, and the cost of eventually selling. Sell too soon and those costs can outweigh the equity built up.
Ongoing costs still apply once you own, and they do not appear in a rent comparison: property tax set by the City of Saskatoon, home insurance and heating all continue whether or not the mortgage payment feels lower than rent did.
Joel Dyck can run the real comparison against a specific property rather than a general rule of thumb. Get your hand-reviewed valuation from Joel Dyck.