The main distinction between a condo and an apartment is ownership—condos can be purchased, while apartments are only available for rent. However, there are several other factors to consider:

Ownership & Management

Condos: Individually owned units within a building, managed by a condo corporation that collects fees for maintenance. Owners can rent out their units.

Apartments: Entirely owned by a company or landlord, with units leased to tenants. Maintenance is handled by property management.

Amenities & Customization

Condos: Typically offer premium amenities (pools, gyms, concierge services) and more freedom for owners to customize. Renters, however, must follow owner and condo board rules.

Apartments: Often provide basic amenities like laundry facilities, with limited personalization options for renters.

Maintenance & Repairs

Condos: Renters rely on individual owners for repairs, which may take longer.

Apartments: Property management promptly handles maintenance requests.

Rules & Regulations

Condos: Governed by condo boards, which set specific rules (e.g., pet restrictions, visitor policies). Renters must follow both board and owner regulations.

Apartments: Uniform rules set by the property management company apply to all tenants.

Costs & Lease Flexibility

Condos: Rent is typically higher due to HOA fees, but lease terms can vary based on the owner. Ownership involves added costs like property taxes and fluctuating maintenance fees.

Apartments: Rent is usually more stable, with lease terms set by management. Rent increases follow provincial landlord-tenant laws.

Security & Stability

Condos: Renters risk eviction if the owner defaults on payments or sells the unit.

Apartments: More financial stability since management companies own the building.

Which One Is Right for You?

If you seek stability, straightforward rules, and hassle-free maintenance, an apartment may be ideal. If you prefer higher-end amenities, customization options, and long-term investment potential, a condo might be better.

Still unsure?  Feel free to reach out - I'm happy to help answer any questions you may have!