A condominium refers to a form of ownership rather than a specific type of home. While in North America the term “condo” is often used to describe apartment-style buildings, condominium ownership can also apply to townhomes and other residential properties. In a condominium development, homeowners own their individual home while sharing ownership and responsibility for common property, amenities, and shared spaces they enjoy through the condominium corporation.

For many buyers, condo living provides the benefits of owning a home without many of the maintenance responsibilities that come with traditional homeownership. With access to shared amenities and professionally managed common areas, condominium developments appeal to a wide variety of homeowners, from first-time buyers and young professionals to downsizers looking for a more convenient, low-maintenance lifestyle.