Apartment for a single person in Vancouver 2008, RENTor BUY?

Let's assume I have around 80K

As I see it, buying is good because:
-It's your own place
-Real estate is usually a good long-term investment.
-Renting feels like just throwing money away, is it?

but then again:
-Real estate in Vancouver is way over priced. I don't think it will collapse like Japan did in the 90's, but I do think that prices will fall some time soon - there might be a better investment.

I mean, common, a 400ft studio for 200K? This is not Manhattan...

So, lots of things go through my mind... but what do you think?

No, it is not Manhattan just another place people wanna be. What you are earning and your long term plan is the key. Home ownership is a lifestyle - investing is another.

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