They are also the majority of the sales in many metropolitan areas. Condominiums in resort areas are also very common.

The word condominium does not imply a specific structural form, but a legal form. Condominiums may be detached, semi-detached, row-houses, stack townhouses, duplexes, or apartments. They can even be building lots, subdivisions, or mobile home parks.

Whatever the style, a residential unit is specified and is owned outright by the individual owner in fee simple. The rest of the property including land, which is called the common elements (or common property) in most provinces, is owned in common with the other owners. For example, an owner would own a fractional share of the common elements in the development. If there are 50 condominium owners, then each individual owner would own 1/50 as tenants-in-common of the common elements. The legislation of each province can vary, but it is always designed to provide the legal and structural framework for the efficient management and administration of each condominium project. Once the project documents are registered, the project is brought into legal being as a form of tenure.

Common elements generally include walkways, driveways, lawns and gardens, lobbies, elevators, parking areas, recreational facilities, storage areas, laundry rooms, stairways, plumbing, electrical systems and portions of walls, ceilings and floors, and other items.

Parts of the common elements may be designated for the exclusive use of one or more of the individual unit owners, in which case these are called limited common elements (or limited common property). In other words, they are limited for the use only of specific owners. Examples  would include parking spaces, roof gardens, balconies, storage lockers, and front and back yards.

There are many reasons why the condominium concept has been economically very attractive for purchasers: better land utilization, price competitiveness, built-in amenities, and convenient locations and designs. There is also a wide price range, from $50,000 to well over a million dollars depending on the features, level of luxury, and location.

Large segments of the market find the multi-family residential development concept an attractive alternative for their lifestyles, due to the low maintenance required and the opportunity for equity appreciation. Condominium ownership appeals to active young singles, couples without children, couples with children, and pre-retirement and retired couples or singles. Many developments are geared specifically to these segments or to a mixture of these segments.

The concept of condominium living is not right for everyone, as it involves not only individual ownership in the unit and shared ownership in other property, but also adherence to rules and regulations, and shared ruler-ship.In any situation of shared ownership and community living there are advantages and disadvantages.

Advantages:
• Protection from arbitrary rent increases.
• Ready availability of financing as a single-family home.
• Range of prices, locations, types of structures, sizes, and architectural features available.
• Availability of amenities such as swimming pool, tennis courts, health clubs, community centre, saunas, hot tubs, exercise rooms, sun decks, etc.
• Benefits of home ownership in terms of participation in the real estate market and potential growth in equity.
• Individual ownership of living units with security of tenure and permanence of occupancy.
• Pride in home ownership.
• Enables people of moderate and middle income levels to own their own home.
• Freedom to decorate interior of unit to suit personal tastes.
• Enhancement of security by permanence of neighbours and, in many cases, controlled entrances.
 • Elimination of many of the problems of upkeep and maintenance often associated with home ownership, since maintenance is usually the responsibility of a professional agency or manager.
• The fact that it is often considerably cheaper than buying a single-family home because of more efficient use of land and economy of scale.
• Investment opportunity for profit if selected carefully.
• Good transitional type of home between rental apartments and single-family houses for growing families or singles or couples; conversely, good transition for downsizing “empty nesters” who wish to give up their larger family house.
• Reduction of costs due to responsibilities for repair and maintenance being shared in many cases, as some owners will contribute considerable volunteer work.
• Enhancement of social activities and sense of neighbourhood community by relative permanence of residents.
• Elected council that is responsible for many business and management decisions.
• Participation of owners in the operation of the development, which involves playing a role in budget-setting and approval, decision-making, determination of rules and bylaws, and other matters affecting the democratic operation of the condominium community.

Disadvantages:
• Real estate appreciation is generally not as high as for a single-family house, simply because it is the land that appreciates in value in a single-family house, and the flexibility of use of that land. However, there are many exceptions to this general rule in metropolitan settings.
• May be difficult to accurately assess the quality of construction of the project.
• Unacceptable loss of freedom may be experienced through restrictions contained in the rules and bylaws. For example, restriction on the right to rent, restriction on pets, etc..
• People live closer together, thereby potentially creating problems from time to time; frequent problem areas include the “five p’s”, pets, parking, personality, parties, and people.
• Flexibility may be affected if circumstances require that the condominium be sold in a limited time, as condominiums generally sell more slowly than single-family houses.
• Money is tied up in the condominium ownership, which may affect immediate liquidity needs in certain circumstances.
• One could be paying for maintenance and operation of amenities that one has no desire or intention to use, for example swimming pool, recreational centre, etc.
• Management of the condominium council is by volunteers, who may or may not have the appropriate abilities, skills and personality.
• There is possible apathy of owners, so that it is always the same people who are able and wiling to serve on council.
• Some elected councils behave in an autocratic fashion.
• Mix between living in a single-family house and in a landlord-tenant relationship could cause conflict and frustration depending on people’s needs, expectations, and past housing experience.