When searching for a place to live in Canada, you may come across two popular housing options: condos and apartments. While they may look similar on the surface, there are important differences in ownership, costs, maintenance, and amenities that set them apart.

Whether you’re planning to buy, rent, or invest, understanding the key distinctions will help you make a smarter decision. In this guide, we’ll break down everything you need to know about condos and apartments in Canada, including their advantages, disadvantages, costs, and which one is right for you.

What Is a Condo?

A condo (short for condominium) is a privately owned unit within a multi-unit residential building or complex. While each condo unit has an individual owner, all condo residents share common areas and amenities, such as lobbies, pools, gyms, and gardens.

Key Features of a Condo:

✅ Privately owned: Each condo unit belongs to an individual owner.
✅ Can be bought or rented: Some condos are owner-occupied, while others are rented out to tenants.
✅ Maintenance fees: Condo owners pay monthly fees for shared services like landscaping, repairs, and security.
✅ Rules & regulations: Condos are managed by a condo board that sets rules for residents regarding noise levels, renovations, and pet ownership.

Pros of Living in a Condo

✔ High-end amenities (e.g., swimming pools, fitness centers, security services)
✔ Potential investment opportunity (you can rent it out or sell it for a profit)
✔ Modern construction and design (most condos are newly built)
✔ Less maintenance responsibility compared to a house

Cons of Living in a Condo

✖ Monthly condo fees (which can increase over time)
✖ Less flexibility due to condo board rules
✖ Higher upfront costs for ownership

What Is an Apartment?

An apartment is a rental unit in a residential complex or building that is owned and managed by a property management company or landlord. Unlike condos, individual apartments cannot be bought or sold separately—the entire building is owned by a single entity.

Key Features of an Apartment:

✅ Rental-based: Apartments are leased to tenants and not available for individual purchase.
✅ Uniform management: All renters follow the same rules set by the landlord or property manager.
✅ Lower upfront costs: Renting an apartment does not require a down payment or mortgage.
✅ No ownership responsibilities: The property owner is responsible for maintenance, repairs, and renovations.

Pros of Living in an Apartment

✔ Lower financial commitment (no down payment, mortgage, or property taxes)
✔ Simpler lease agreements with flexible rental terms
✔ No maintenance costs (repairs and upkeep are handled by the landlord)
✔ No long-term ownership risks

Cons of Living in an Apartment

✖ Fewer amenities (basic apartments may lack pools, gyms, or concierge services)
✖ No control over rental increases (rent may go up yearly)
✖ Less freedom to personalize the space (renovations are usually not allowed)
✖ You’re paying rent without building equity

Condos vs. Apartments: Key Differences

Costs: Condo vs. Apartment – Which Is More Affordable?

💰 Condos:

• If you buy a condo, you need to pay a down payment, mortgage, property taxes, and monthly condo fees.
• If you rent a condo, it might be more expensive than an apartment due to better amenities and location.

💰 Apartments:

• Typically, apartments have lower rent than condos because they lack luxury amenities.
• Rent prices vary based on location, size, and demand, with urban areas being more expensive.
• No extra costs for property taxes or maintenance.

Which is cheaper?
✅ Renting an apartment is usually cheaper than renting a condo.
✅ Buying a condo is an investment, while renting an apartment means no equity or ownership benefits.

Who Should Choose a Condo?

✔ You want to own property and build long-term equity.
✔ You prefer luxury amenities like a gym, pool, and concierge.
✔ You don’t mind paying monthly condo fees.
✔ You plan to stay in one location for many years.
✔ You want more customization (decorating, renovations).

Who Should Choose an Apartment?

✔ You prefer affordable rent with no long-term commitment.
✔ You don’t want to worry about property maintenance.
✔ You need flexibility to move cities or change jobs easily.
✔ You don’t want to deal with property taxes, mortgages, or condo fees.
✔ You want a short-term or budget-friendly living arrangement.

Final Thoughts: Which One Is Right for You?

🔹 If you’re looking for long-term investment, ownership, and high-end amenities, a condo is a great choice.

🔹 If you want affordable housing with flexibility and low responsibility, an apartment is the better option.

Before making your decision, consider:
✅ Your budget – Can you afford the mortgage and condo fees?
✅ Your lifestyle – Do you want amenities like a gym and pool?
✅ Your long-term plans – Are you staying in one city, or do you need flexibility?

👉 Whether you’re buying or renting, understanding these differences will help you make the best housing decision in Canada!

Frequently Asked Questions (FAQ)

1. Can I buy an apartment in Canada?
No, apartments are rental-only. If you want to own a unit, you need to buy a condo instead.

2. Are condos more expensive than apartments?
Yes, condos generally cost more due to higher-end amenities and homeownership costs.

3. Do all condos charge monthly fees?
Yes, condo owners must pay monthly fees to cover maintenance, repairs, and shared expenses.

4. Are apartments better for short-term living?
Yes, apartments offer more flexibility for renters who move frequently.

Ready to Find Your Perfect Home?

Whether you’re renting an apartment or buying a condo, understanding these differences will help you choose wisely.

🚀 Need expert real estate advice? Contact us today for personalized recommendations!