Posted by Maryann Quenet on Friday, January 31st, 2025 11:19am.
When searching for a place to live in the Greater Toronto Area (GTA), you might come across two common types of housing: condos and apartments. While they may seem similar, they have distinct differences that can affect your living experience. This guide will help you understand these differences, focusing on aspects like ownership, maintenance, amenities, and costs.
A condominium, or condo, is a private property within a larger building or complex. Each unit is individually owned, and owners share common areas like hallways, gyms, and pools. In the GTA, condos are popular due to their modern designs and prime locations.
An apartment is a rental unit within a building owned by a single entity, such as a corporation or individual landlord. Residents rent their units and share common spaces. In the GTA, many apartment buildings are older and may offer more space compared to newer condos.
Condos: Owned by individuals who may live in them or rent them out. Renting a condo means dealing directly with the owner.
Apartments: Owned by a single entity, and residents rent from this owner. Renting an apartment often involves dealing with a property management company.
Condos: Owners are responsible for maintenance inside their units. The condo association handles common areas.
Apartments: The property management company handles maintenance and repairs for the entire building, including individual units.
Condos: Often feature amenities like gyms, pools, and concierge services. These are maintained by the condo association.
Apartments: Amenities vary; some may have gyms or pools, but they are typically fewer and may be older.
Condos: Owners pay a mortgage and monthly condo fees covering maintenance and amenities. Renting a condo involves paying rent, which may be higher due to the owner's costs.
Apartments: Rent is usually lower than condo rent. Some utilities may be included, but this varies.
Location: Condos are often found in downtown Toronto and near transit hubs, offering easy access to city amenities. Apartments may be in older neighborhoods with more space but less central locations.
Space: Condos tend to be smaller, while apartments may offer more space for the same price.
Flexibility: Renting an apartment offers more flexibility to move without the responsibilities of ownership.
Choosing between a condo and an apartment in the GTA depends on your lifestyle, budget, and preferences. Condos offer modern living with amenities but come with higher costs and ownership responsibilities. Apartments provide more space and flexibility at a lower cost but may lack some modern features.
If you're considering buying or selling a home in the Greater Toronto Area, The Johnson Team is here to help. With years of experience and a deep understanding of the local market, we can guide you through the process smoothly. Contact us today to start working with an agent who prioritizes your needs.