Owning isn't a horrible idea since the place is in Edmonton and is close enough to you that you could take care of anything that comes up as an owner with relatively short notice, however, in my view, be careful about the view that your property investment will surely increase in value in 'x' years. I've seen a number of people get burned because they were over-leveraged (not saying you are) but thought it was a good idea to ride the real estate boom that ended a while ago.
As you mentioned, renting is a good option because there's no commitment and you walk whenever. Renting is a waste of money only under certain conditions at specific price points, but if you actually spend less renting and invest the remaining dollars, you actually come out on top vs. owning if you do things the right way.
I think it's great you're going to help your daughter out with living expenses, so ignore the helicopter comments.
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