When exploring housing options in Ontario, it's crucial to understand the distinct differences in an apartment vs condominium. This detailed guide aims to clarify these differences between a condo and an apartment, ensuring you make a well-informed decision for your next home.
1. Apartment vs Condominium: Ownership Structure
Condo: A condominium, commonly known as a condo, is a private residence within a larger complex that is individually owned. Owners mostly control their unit's interior and are part of a community that shares common facilities like gyms, pools, and gardens.
This ownership comes with the responsibility of paying property taxes and a monthly fee (maintenance fees) to the condo association (corporation), which goes towards the upkeep of shared spaces and the condo’s financial commitments.
Apartment: An apartment is a rental unit within a residential building or complex, typically owned by a property management company or a single landlord. As a renter, you have no ownership stake in the property. Instead, you pay monthly rent and possibly other fees like utilities or parking.
Apartments often offer less permanence and commitment than condos, making them ideal for those seeking flexibility or more convenience.
Learn more on apartment leases in Ontario.
2. Apartment vs Condominium: Maintenance and Upkeep
Condo: As a condo owner, you are responsible for all interior maintenance of your unit, including repairs, upgrades, and interior design. This autonomy generally allows you to personalize your space to your liking. However, the condo’s board of directors handles external and common area maintenance, funded by your monthly fees. These fees vary based on the size of your unit and the amenities offered.
Apartment: In an apartment, the landlord or property management company is responsible for all maintenance and repairs, both within your unit and in common areas. This arrangement relieves