Of course you are transferring something. That’s what happens in the market when you purchase something. I exchange my money for a house of, hopefully, equal monetary value.
However, I see your point. In this case, you have to assume you get back all of the price of the house. Then, he’s comparing the cost of renting versus the cost of the purchasing (interest, insurance, etc.) and owning (taxes, maintenance, etc.) the house.
Is a situation like this the exception in the housing market? I mean, would you expect this in California or NYC but not, say, in Texas or the heartland?