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What to know about this topic:
- Condos vs. apartments in definition
- Condos vs. apartments summary
- Condos' vs. apartments' social aspect
- Condos' vs. apartments' ownership
- Condos' vs. apartments' features
- Freedom and responsibility in condos vs. apartments
- Other factors
Condos vs. apartments in definition
A condominium may be simply defined as an "apartment" that a resident "owns". A condo takes part in a community, a piece of real estate individually owned yet including communal use of and access to common facilities.
Condos vs. apartments summary
Facilities that may be part of the condo agreement will include hallways, heating system, elevators and exterior areas, all executed under legal rights associated with individual ownership and controlled by an association of communal condo owners. Senior apartments are mainly of two broad types, retirement apartments in a building that may or may not be designated as 55 plus and a suite inside a retirement community, where there may be services provided including communal meals or healthcare, etc.
Condos' vs. apartments' social aspect
A condo or condominium offers investment potential but may not offer sufficient social contact. This also goes for an apartment in a regular building. In a retirement community with apartments or suites there is ample opportunity for social interaction. This is in fact what seniors find they love about moving into a retirement home, the social aspect of retirement communities.
Condos' vs. apartments' ownership
A condo is similar to an apartment but what distinguishes them is the form of ownership. If you have a coop retirement condo, you own, together with other tenants, the whole building and a share of this common property belongs to you. In an apartment there is no ownership and your rent pays for a roof over your head but you get nothing more for your money. You do not get anything out of your investment, no equity is acquired and once you quit paying your rent all obligations between you and the owner are terminated. In other words, apartments are much like hotels, in that one company owns the entire building and all the units within are rented out. Every condo belongs to an individual or a company and can be purchased or sold.
Condos' vs. apartments' features
Most new condos have spacious tastefully decorated halls, security, billiard, gym, and perhaps a communal hall or other communal areas.
Apartments in big cities usually have a lot of amenities but nothing in comparison to what you might find in some of today's retirement communities, where there may be onsite golf greens, exercise areas, fine dining and more. These communities follow a philosophy that might be phrased "you only retire once."
Freedom and responsibility in condos vs. apartments
Condos have lots of rules and regulations designed to maintain property values whereas apartments offer more freedom. Both Condos and apartments can offer freedom from chores outside your property. Those seniors who wish for an investment option may think of buying a condominium whereas an apartment is ideal for seniors who want complete independence.
There is a great variation in styles of condominiums, as well as a wide variety of prices from significantly lower than an apartment to much higher for luxury units. Most condos are fully furnished, but you can also find lightly to entirely unfurnished. Renting also gives you a lot more freedom than buying a property.
Other factors
Condos may have more established and permanent inhabitants whereas apartments are likely more temporary. Most seniors who wish to buy a condo are happy with the decision since they gain equity every month. Apartment leasing, on the other hand, gives flexibility and freedom if one does not wish to continue staying there.
IN-DEPTH REPORTSRetirement apartments
FEATURED
Edgewood Suites
270 Hagan Street East, Dundalk,
Ontario, N0C 1B0
Welcome to Edgewood Suites in Dundalk Ontario. This brand new community featuring quality rental units, superior amenities and small town charm is open now and available for immediate occupancy.
Lifestyle Options: Active Living
FEATURED
Stonemont On The Park
1068 Cummings Ave, Ottawa,
Ontario, K1J 0E2
Nestled steps from the park, Stonemont On The Park offers elegant studio-to-two-bed suites, chef-prepared dining, premium hospitality, and personalized independent to assisted living in a vibrant Ottawa community.
Lifestyle Options: Apartments, Independent Living, Assisted Living
Heritage Place Retirement Residence
4151 Kilmer Drive, Burlington,
Ontario, L7M 5A9
Heritage Place is an independently owned retirement residence in Burlington, specializing in quality accommodation & services for the active senior, with 2 styles of living: apartment style suites & 2 bedroom bungalows
Lifestyle Options: Apartments, Independent Living
Parkland on the Glen
1665 The Collegeway, Mississauga,
Ontario, L5L 0A9
Parkland is located at Mississauga and The Collegeway next to the Glenerin Inn. We are surrounded by beautiful green space. For the past 6 years we've been awarded one of the top 3 Retirement Communities in Mississauga.
Lifestyle Options: Apartments, Independent Living, Assisted Living
The Village of Wentworth Heights
1620 Upper Wentworth St., Hamilton,
Ontario, L9B 2W3
The Village of Wentworth Heights is a full-service retirement living community offering retirement apartments, full-service suites, assisted living and memory care.
Lifestyle Options: Apartments, Independent Living, Assisted Living, Memory Care
The Village of Taunton Mills
3790 Brock Street North, Whitby,
Ontario, L1R 0H2
The Village of Taunton Mills in Whitby presents several levels of service from seniors' apartments with full kitchens, retirement apartments with meals and services to memory care, assisted living and long-term care.
Lifestyle Options: Apartments, Independent Living, Assisted Living, Memory Care, Long-term care
Delmanor Aurora
25 Butternut Ridge Trail, Aurora,
Ontario, L4G 3Z3
Delmanor Aurora provides a new twist on retirement living, in a five-star resort-style setting. Extensive amenities including saltwater pool, fitness centre, theatre, spa, market, ground floor patio and rooftop terrace.
Lifestyle Options: Apartments, Independent Living, Assisted Living
St. Elizabeth Village
1 Yates Gate, Hamilton,
Ontario, L9B 1T8
St. Elizabeth Village is a place where community comes first. The Village is set on an impressive 114-acre natural oasis of parks and ponds. Enjoy a non-stop slate of social activities in a vibrant and active lifestyle.
Lifestyle Options: Active Living
Parkland Ancaster
558 Golf Links Rd., Hamilton,
Ontario, L9G 4W9
At Parkland Ancaster, we will offer a luxurious, vibrant, social lifestyle in a beautiful safe, premium home. Enjoy upscale amenities, creating a supportive space for you to thrive socially and lead fulfilling lives.
Lifestyle Options: Apartments, Independent Living, Assisted Living, Memory Care
Delmanor West Village
15 Summerland Terrace, Etobicoke,
Ontario, M9A 0B5
Delmanor West Village is a retirement residence in Etobicoke, Toronto, offering independent living, assisted living, respite stays, renovated suites with full kitchens, an Aquafit pool, and chef-prepared dining.
Lifestyle Options: Apartments, Independent Living, Assisted Living
The Shores of Port Credit - Verve Senior Living
280 Lakeshore Rd. W., Mississauga,
Ontario, L5H 0A5
The Shores is designed for vibrant living with the highest quality of personal care. Amenities include pool, fitness & exercise club, restaurant, bistro & cafe, a golf simulator lounge & wine cellar.
Lifestyle Options: Apartments, Independent Living, Assisted Living, Memory Care
Stoneridge Estates by Estates of Niagara
2626 Mewburn Road, Niagara Falls,
Ontario, L2J 0G4
Stoneridge Estates presents an upscale boutique property setting a new standard for a 55+ Active Lifestyle Community. Nestled in Niagara's Wine region, offering engaging amenities. Sure to make every day extraordinary!
Lifestyle Options: Active Living
OPAL Vancouver
438 West King Edward Ave, Vancouver,
British Columbia, V5Y 05M
OPAL Vancouver offers luxurious senior living with 30,000+ sq. ft. of amenities and a full continuum of care, creating a vibrant, connected community designed for comfort, wellness, and aging in place.
Lifestyle Options: Apartments, Independent Living, Long-term care
The Village of Glendale Crossing
3030 Singleton Avenue, London,
Ontario, N6L 0B6
A true retirement hub featuring independent Living Apartments with full kitchens, Retirement Apartments, Full Service Retirement suites with walk out patios, Assisted Care, Memory Care and LTC.
Lifestyle Options: Apartments, Independent Living, Assisted Living, Memory Care, Long-term care
The Village of Tansley Woods
4100 Upper Middle Road, Burlington,
Ontario, L7W 4W8
At The Village of Tansley Woods, we offer the full continuum of care - Independent Living Suites, Retirement Apartments, Full Service Retirement Suites, Assisted Care, Memory Care and Long Term Care all in one village.
Lifestyle Options: Apartments, Independent Living, Assisted Living, Memory Care
Scarborough Retirement Residence
148 Markham Road, Scarborough,
Ontario, M1M 2Z8
A family owned and managed residence that offers seniors the opportunity to maintain their independence. Enjoy healthy Chef-prepared meals, daily life enrichment programs. We also offer short-term trial or respite stays.
Lifestyle Options: Apartments, Independent Living, Assisted Living
Brierwood Court Apartments
405 Park Road North, Brantford,
Ontario, N3R 7K8
Enjoy maintenance-free 55+ living at Brierwood Court in Brantford! Spacious studio to 2-bed rentals with utilities included & vibrant amenities. Downsize without compromise at 405 Park Rd N.
Lifestyle Options: Active Living
Royal Heights Inc.
30 Adelaide Avenue East, Oshawa,
Ontario, L1G 0B8
Royal Heights is designed with your active & independent lifestyle in mind. Luxury apartments feature en-suite laundry, stainless steel appliances & balconies. On site Fitness room, salt water pool, movie theatre & more!
Lifestyle Options: Active Living
The Village of Erin Meadows
2930 Erin Centre Boulevard, Mississauga,
Ontario, L5M 7M4
We feature a unique full continuum of care with a vibrant Main Street offering Independent Living, Retirement Apartments, Assisted & Memory Care suites . Our retirement community represents a diverse ethnic population.
Lifestyle Options: Apartments, Independent Living, Assisted Living, Memory Care
Bruyère Health Senior Living
889 Hiawatha Park Road, Orleans,
Ontario, K1C 0A9
Nestled in a unique community setting, Bruyère Health Senior Living offers dedicated, motivated staff and a full range of support services. New apartments, new amenities, and located the banks of the Ottawa River.
Lifestyle Options: Active Living
Sunstone Apartments
10775 Delsom Crescent, Delta,
British Columbia, V4C 0A8
Sunstone Rentals is the newest retirement community located in North Delta. A 70 unit independent living facility for those 55+, offers retirement community living for those downsizing.
Lifestyle Options: Apartments, Independent Living
Parkland on Eglinton West
4650 Eglinton Ave. W., Etobicoke,
Ontario, M9A 0E3
Parkland on Eglinton West offers Lifestyle Apartments, All-Inclusive Lifestyle and Supportive Lifestyle options for seniors. Parkland makes it easy for you to do more of what you love!
Lifestyle Options: Apartments, Independent Living, Assisted Living, Memory Care
Parkland Ajax
3 Rossland Road West, Ajax,
Ontario, L1Z 0V1
Parkland Ajax offers independent and supportive options! Beautifully designed spacious suites, exceptional on site amenities and professional staff on site 24/7, Parkland is where you can live your best life!
Lifestyle Options: Apartments, Independent Living, Assisted Living, Memory Care, Long-term care
