After the market crashed in 2008 and the housing crisis happened that ended up affecting thousands of people, everyone understandably became wary of dealing with real estate. In fact, you can still feel the after-effects of the crisis to this day 11 years later because the number of houses being bought is still really low, and the prices of houses are still relatively high. So, people opted for other real estate options, namely apartments and condos.
A lot of people tend to use the two terms interchangeably, but there is a difference between the two that makes them very different from each other.
The biggest difference between an apartment and a condo is that an apartment is temporary property ownership over the unit whereas a condo is essentially permanent property ownership of the unit. So, with an apartment, you only have the property until your lease expires, but with a condo, you have the entire unit forever once the payments have been completed.
Condos are great and a smart real estate investment because condos are only expected to appreciate over time because of their increasing demand. So you know that when you buy a condo, its price will only get higher over time, so if you want to, you can then sell the condo at a higher price at a profit as well. In case you happen to be looking for potential condo options, you can check out what Spirits Condos don mills, an upcoming project has to offer and you can keep it as a potential candidate. So, now that you have a better understanding of the two types of real estate options, you can now make a more intelligent decision in regards what works better for you, and which real estate option you should go for.