Homes from the US tend to use different descriptions that those in Europe and other parts of the world. The type of property described as a ‘Condo’ for example can be confusing. Condominium” is a legal term used in the United States and in most provinces of Canada. In Australia and New Zealand. Apartments or Flats are where an entire building is owned by one person or company. In a condo, each unit is owned by one individual. It’s actual home ownership but in a shared building rather than a single-family home on a lot.

So what’s the difference between an apartment vs.a condo?

While each type of housing unit can come in a wide range of styles, the main difference between the two lies in the form of ownership. Basically, the definition of a condo is a unit that’s owned individually, with the common areas of the complex owned equally among all condo owners under the umbrella of an association. In contrast, typically an apartment building is completely owned by a single owner, often a corporation, with the individual units leased to various occupants.