In 2025, 55% of urban Canadians will live in condos or apartments—but do you know the key differences?
If you’re considering moving into one of these living spaces, understanding whether you’re looking at a condo or an apartment is crucial.
A condo is a privately owned unit within a shared building. You own your space but share common areas like lobbies, gyms, and pools with other owners.
On the other hand, an apartment is a rented unit in a building. It is owned by one landlord or property manager. You don’t own the unit—you pay rent, and the landlord takes care of maintenance.
So, what’s the difference between a condo and an apartment in Canada? Let’s explore more.
1. Ownership & Costs
Condos:
When you buy a condo, you’re purchasing a unit in a building, which means you own the space inside your walls.
The cost of a condo in 2025 can vary greatly depending on the city. In places like Toronto and Vancouver, condos typically range from 400K to 1.5M+.
But it’s not just the purchase price you need to consider. Condo maintenance fees are also an ongoing expense.
In 2025, these fees range from 0.50 to 1.20 per square foot. These fees are used for building repairs, cleaning, and amenities. They’ve gone up about 15% since 2020, reflecting rising costs for upkeep.
Apartments:
In contrast, apartments are rented, which means there’s no upfront purchase cost. The average monthly rent in Toronto for an apartment in 2025 is around $2,200.
In Montreal, it’s a little lower at about $1,800 per month. The benefit here is that you don’t have to worry about paying for maintenance or property taxes. You pay rent, and your landlord handles the rest.
However, renting means you don’t build equity or own anything at the end of your lease. You also don’t have the investment potential that comes with owning a condo.
If you’re considering buying a condo or apartment, learn the cost per square foot to build a house in Ontario. It can help you compare long-term investment options like condos versus houses.
Is a condo better than an apartment?
It depends on your goals. If you want to own property and have an investment in the long run, a condo might be the right choice. But if flexibility and not being tied down to a mortgage is more important, an apartment might be better.
2. Lifestyle Differences
Condos:
Condos often come with added perks like gyms, pools, and party rooms. These amenities can make condo living feel more luxurious. However, the downside is that many condos have strict bylaws.
For example, some condos don’t allow short-term rentals like Airbnb or limit the number of pets you can have.
If you value a community atmosphere and extra amenities, a condo could be a great choice. But remember, with those perks come rules to follow, which can be a downside for some.
Apartments:
Apartments tend to offer fewer amenities. You might not get access to a pool or a gym, but you won’t have to worry about following rules.
The main benefit of apartment living is convenience—the landlord handles all the maintenance and repairs. If something breaks, you just contact the property manager, and they take care of it.
Wondering, “Is a condo better than an apartment?” It depends on your goals—ownership vs. flexibility.
3. 2025 Trends to Watch
The real estate market in Canada is constantly evolving, and 2025 brings some new trends that are shaping the condo and apartment landscape.
Micro-Condos:
- In big cities like Toronto and Vancouver, people want to live downtown—but space is tight.
- That’s why micro-condos (under 400 sq. ft.) are trending.
- They’re smaller, more affordable, and often attract young buyers.
Rent-to-Own Apartments
- Some apartments now offer rent-to-own options.
- You pay rent, but part of it goes toward buying the unit later.
- This helps first-time buyers enter the market without a big down payment.
These trends help answer “Is a condo better than an apartment?” — the answer can change depending on what’s trending in 2025.
Look at the Condos vs. Apartments in Canada
| Aspect | Condos | Apartments |
| Ownership | Privately owned units in a shared building. | Rented units owned by a single landlord or property manager. |
| Purchase Cost | Typically ranges from $400K to $1.5M+ (Toronto/Vancouver) in 2025. | No purchase cost, just rent payments. |
| Monthly Fees | Monthly maintenance fees range from $0.50 to $1.20 per square foot. (up 15% since 2020). | Rent payments, typically around $2,200/month in Toronto (2025). |
| Equity | You build equity as you pay off the mortgage. | No equity is built; rent is paid to the landlord. |
| Flexibility | Less flexibility; harder to sell and move quickly. | Highly flexible; you can move when your lease ends. |
| Maintenance Responsibility | You are responsible for your unit’s maintenance, but the condo association handles common areas. | The landlord handles all maintenance and repairs. |
| Amenities | Often includes amenities like gyms, pools, and party rooms. | Fewer amenities (may not have gyms or pools). |
| Rules and Restrictions | Stricter bylaws (e.g., restrictions on pets, Airbnb). | Fewer restrictions; rules are generally set by the landlord. |
| Long-Term Investment | Condos are an investment; they can appreciate over time. | Apartments do not provide an investment opportunity. |
| Lifestyle | More stable, often family-friendly with a sense of community. | Flexible, but may not offer a sense of community or stability. |
| Trends (2025) | Growing trend of micro-condos (under 400 sq.ft.) in cities like Toronto and Vancouver. | Rent-to-own apartments are becoming popular. |
| Common Locations | Common in urban areas and large cities like Toronto and Vancouver. | Found in both urban and suburban areas. |
Conclusion
So, what’s the difference between a condo and an apartment in Canada? Simply put, condos are privately owned units with extra amenities and responsibilities, while apartments are rented units where the landlord handles maintenance.
In 2025, condos offer investment potential, but they come with monthly maintenance fees and stricter rules. Apartments offer flexibility, lower upfront costs, and less responsibility, but you won’t own the property or build equity.
Ultimately, both offer unique benefits, so choose based on what fits your needs in 2025!
Looking for a new home? Explore new condos in Mississauga, offering modern amenities and great locations. They’re a fantastic option for those seeking a comfortable, affordable living space in the city.
