What is a Condo?

If you pay any attention to real estate news, you are probably aware that condo-style housing is likely to attract the most interest and generate the most profit today, from Vancouver real estate to Poughkeepsie NY homes. Condominiums have long been popular in large cities, where they are more affordable and can be put up within already established urban areas. Still, the term can be a bit confusing, so let's take a closer look.

First of all, it is important to note that the definition of what a condo is will be different in different locations. A condo for sale in Puerto Vallarta, for example, may not necessarily be the same defined space as a condo Riverdale, Toronto home, so it is best to know how each jurisdiction defines this type of property. Even within Canada, condo definitions can change; British Columbia does not officially have "condos" but rather, strata title.

Still, most people will use the layman term condo for a specific type of housing unit. These are spaces within a larger building, where the air space between the walls is owned by one specific person. A condo in Yorkville or a Leslieville, Toronto home, for example, will be owned by one person with title. The ownership extends to the single unit only, while other people hold title to other units. The developing company has ownership of the land, any unsold units, and the common areas of the condominium complex.

People may also wonder what the difference is between a condo and an apartment. The truth is, no legal definition really separates the two. Again, the matter is one of common reference. Mississauga condos usually refers to units owned by the resident, while someone discussing Mississauga apartments will generally be talking about rented units.

Despite having a shared common definition, condos are very different in style and type. Just look at the variety in condominiums in downtown Toronto. Today, most people think of condos as upper class, stylish units in impressive buildings. This may end up becoming the popular definition of a condo, but for right now it is important to remember that for all intents and purposes the term can be applied to any unit in a multi-unit building.