What is the difference between a condo?

You rent or lease an apartment for a period of time. You buy a condo and own it outright, just as you would a house.

When you purchase a condominium, you purchase a unit, plus ownership of common areas that you own with all the other unit owners. A lender will give you a loan, based on your ownership title to this...

You pay rent if you live in an apartment, but you don't own it. You own a condo and pay monthly condo fees to cover various maintenance expenses

There is a legal difference in ownership as well. A townhome is usually owned in fee simple. In other words, the owner of a townhome has property rights that extend to the yard around the townhome...

A condominium is a living or working space (unit). A planned unit development may include a mix of commercial and residential spaces, and free-standing commercial areas, such as petrol stations and a...