"...you end up with nothing to show for it."

I disagree. Take an extreme case: I give you $1M and a choice of either 1) buying my house from me for $1M or 2) renting it from me for $100/month. Hopefully it's clear that even parking that $1M in a savings account at today's criminally low rates generates more than enough return to cover your annual shelter costs (including annual rent increases). Now imagine that you diversely invested that $1M instead - including in real estate holdings, if you were so-inclined. You would be debt free, portable, and have a growing net worth while also being able to take care of your shelter needs (heck, you could buy a parcel of land somewhere less expensive if you wanted a "roof over your head" back-up plan). 

The reality in places like the Lower Mainland isn't THAT extreme, but for many thinking people starting out today, the choice to rent over owning isn't about being poor; it's about sound financial analysis.