OWN vs rent

what does 3.44% mean to you?
Whenever I see a rate, unless I have my calculator with me, it doesn't really mean much, so I had Cindy Bendixen or RBC calculate it and here's the deal:
If you borrowed : $100,000
Interest rate   : 3.44% (5 yr term)
Amortization;  35 year
Payments:   $408.42 per month (principal and interest)
or
Amortization:  15 years
Payments: $710.70

So, here's what buying a new 650-840 sq. ft condo or one that's a little older (12-20 yrs) and larger, 900-1,200 condo in the city of Surrey for $212,000 (including HST if new) would look like:

With an annual income of $40,000 and 5% down, $10,600
property transfer tax $2,000 (or if first time, you may be eligible for a grant)

mortgage: $212,000
P&I payment:  $848.00
taxes:               $100.00
strata fee:         $210.00
Total Monthly Payment of $1,126.84

* strata fees often cover heat and hot water