The math clears easily at that income, so the better question is how long you plan to stay. A purchase generally needs a few years to absorb legal fees of $800 to $1,500, land transfer registration through Information Services Corporation, and the cost of eventually selling before it beats renting outright.
Renting keeps capital liquid and avoids maintenance responsibility, which matters if a job change or relocation is realistic within a year or two. Buying builds equity and locks in housing costs against future increases, which matters more the longer the intended stay.
Joel Dyck can run the actual numbers against a specific property and timeline rather than a general rule. Get your hand-reviewed valuation from Joel Dyck.