What's the Difference Between a Condo and an Apartment?

When choosing between a condo and an apartment, your decision goes beyond just the physical structure and amenities—it’s also a matter of ownership. Condos offer the opportunity to purchase your own home, but remember that condo ownership rights can be tricky to understand. While condos and apartments offer the appeal of communal living spaces and shared amenities, there are key distinctions in the level of control and long-term investment potential each option provides.

A quick note before we begin: condos are often colloquially referred to as “apartments” in Canada due to their physical similarities. When someone says they want to “buy an apartment,” what they’re actually buying is a condo.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

The Basics of Condos vs. Apartments

• Condos offer ownership opportunities, while apartments have fixed rent.
• Condo owners may face community association fees.
• Condos generally allow more customization than standard apartments.
• Condos have individual management, while apartments have centralized management.
• Condos are ideal for equity building but can be less convenient than apartments.

Similarities Between Condos and Apartments

Condos and apartments are multi-unit residential buildings with individual living spaces, though detached condos do exist. While condos are sometimes known for their modern appeal, and apartments may be characterized by their more basic amenities, both types of residences can offer shared amenities such as pools, gyms, and common areas for residents to enjoy.

In terms of rules and regulations, residents of both condos and apartments are typically required to adhere to guidelines set by the management or a community association to maintain a harmonious living environment.

Depending on the development, condos and apartments can be found in urban, suburban, or rural areas, so the decision to rent or own a property comes down to location preferences and lifestyle needs.

Some of the biggest advantages of buying a condo can also apply to rental apartments. Whether residing in a condo or an apartment, occupants can expect to have access to communal facilities and interact with neighbours in shared spaces within the building. With that said, there are more physical similarities between condos and apartments than differences.

Differences Between Condos and Apartments

Broadly speaking, the biggest differences between condos and apartments are the terms of ownership and management. Apartments are typically owned by leasing or property companies, offering tenants a predictable renting experience with maintenance handled by dedicated staff.

In contrast, individuals own condos, and maintenance and repairs are generally covered by the condo community and paid for via condo association fees. Condo ownership includes the unit and a share of common areas, while apartment tenants do not own any part of the building.

However, you can still rent a condo—you’re simply renting from the individual condo owner rather than a larger leasing company.

Management also varies between the two property types. Real estate organizations typically handle apartment management, ensuring tenants follow the management company's property rules.

On the other hand, condos are managed by owners and community associations, with rules potentially set by the condo board and individual landlords. The rules and regulations are for the good of the community and to ensure its condos are good investments. 

Who Are Condos Better For?

Condos generally cater to individuals who prefer property ownership with customization options and a more personalized living experience. Additionally, condos are better suited for those looking to build equity through ownership, offering a chance to invest in real estate. 

Thanks to their lower cost than other types of real estate, condos are popular options for those looking to own their homes. Combining the lower cost with first-time homebuyer incentives can make for a broadly accessible property type.

For those who value customization in their living space, condos can provide greater flexibility to tailor units to their preferences through renovations or interior design choices. This level of control is a key factor that makes condos an attractive option for many.

Moreover, the shared amenities and luxurious features that often come with condos can stand out to individuals seeking luxury homes. Additionally, individuals willing to take on maintenance responsibilities within their unit may find condos to be a suitable choice, as they offer a sense of ownership—and pride—in maintaining the property. As the owner, you're also able to rent out the property and earn passive income. 

Overall, condos may be a great fit if you want a blend of ownership, customization, and luxury in your living arrangements.

Who Are Apartments Better For?

Apartments generally suit individuals who like the convenience of fixed rent without additional ownership responsibilities. For renters who prefer a straightforward leasing process and property management interactions, apartments may be more appropriate than condos.

On-call maintenance services, a standardized rental experience, lower prices, and amenities offered by property management companies can be compelling reasons to choose an apartment over a condo unit. Flexibility in the lease duration and easy relocation options are also significant factors when deciding between living in an apartment vs. a condo.

Renters should always be aware of the rights and responsibilities of tenants and landlords. With apartments owned by leasing companies, tenants can focus solely on enjoying the amenities and services offered without worrying about ownership responsibilities or condo-specific fees.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Build Equity With a Condo

Ultimately, choosing a condo or an apartment comes down to personal preferences and lifestyle needs. Condos offer ownership and customization opportunities, while apartments provide a convenient rental option with fewer responsibilities and upkeep. Both options have advantages and drawbacks, so it's important to weigh factors like long-term goals, maintenance preferences, and financial considerations before making your final call.

Calgary Condo Resources

• Are Condos a Good Investment? 8 Reasons to Invest in a Condo
• What Do You Actually Own When You Buy a Condo?
• Small Condo Design Ideas: Making Your Condo Feel Bigger
• Townhouse vs. Condo: What's the Difference?
• Condo vs. House: Should You Buy a Condo or a House?
• What's the Difference Between a Condo and an Apartment?
• What Is a Detached Condo? Detached Condos vs. Houses
• Search Calgary Condos For Sale