Original condominiums were developed as a cheaper form of housing. Instead of having to buy the land and the building, people could own their building/unit and share the land cost.

It then makes private ownership possible in areas where land values would ordinarily make this too expensive i.e. living downtown.

Today people buy condominiums as much for Lifestyle as they do for price. Downtown you can buy condos for over one million dollars quite easily.

Condo ownership also eliminates some of the problems of upkeep and maintenance often associated with home ownership, since the cost of maintenance is shared and is usually the responsibility of the Condominium Corporation through its property management (Lifestyle). For older people, condominiums represent an attractive ownership alternative when they spend extended periods away from their property.

Following are some Advantages of buying a new condominium may include:

• A lower purchase price (depending upon market conditions);
• More choice of locations within the building (if applicable); 
• A broader range of options and/or upgrades;
• Newer buildings have less risk of having to undergo costly, noisy and intrusive repairs and renovations;
• New home warranty protection.