Condo vs Apartment

We have been asked several times, what is the difference between a condo and an apartment.  Here is a quick explanation of the differences.

What is a Condo?

A condo is a type of shared property which contains individually owned units.  In addition to the individually owned units, you also jointly own the common area with all of the other condominium corporation owners.

Condominiums typically will levy a monthly assessment, also known as a condominium fee.  These condominium fees are used to offer services and facilities to condo owners such as maintenance repairs, snow removal/lawn care, pools, gyms, parking and Reserve Fund.

Now you might be wondering does everyone pay the same condo fees.  Sometimes but not normally.   The fees are determined based on unit factors.  In Albert a condominium complex is ALWAYS made up of 10,000 unit factors.  These units factors are than divided out amongst owned units, usually based on the size of the units, but again not always.

Condo owners and condo residents have to abide by the Bylaws, Regulations and Policies of the condominium corporation which often include restrictions such as pets, age, parking and exterior appearance.

What is an Apartment?

An Apartment is a unit in a building that is comprised of units that are rented.