Originally condominiums were developed as a cheaper form of housing rather than having to purchase land and the building, people could own their building ‘unit’ and share the cost of the land. This helped make private ownership possible in areas where land values would ordinarily be too expensive, such as listing downtown close to all amenities.
Some downtown condos can run over half a million dollars but today people buy condominiums for the lifestyle, not for a cheap housing option.
Condo ownership also eliminates some of the problems of upkeep and maintenance often associated with home ownership. This is one of the biggest attraction in the condo lifestyle, especially those who spend extended periods away from home.