Unfortunately it's not quite that simple.  There are lots of online calculators that will analyze rent vs. buy numbers for you:  http://www.getsmarteraboutmoney.ca/tools-and-calculators/buy-or-rent-calculator/buy-or-rent-calculator.aspx#.WLmEMG_ytpg 
If renting was always a waste of money, then everyone would buy a place no matter how high the cost, and that's clearly not a good idea.  There is always a breaking point beyond which house prices are high enough that it makes more financial sense to rent.  $2500 on rent might be a waste if it costs $2500 a month to buy the same place and one plans on staying there in the long term, but it's rare in today's market that the rental cost would be anywhere close to the total costs of ownership of an equivalent property.   According to the Economist, Canada has one of the highest price/rent ratios in the world, meaning that renting is comparatively cheap: economist.com/blogs/dailychart/2011/11/global-house-prices