What is an apartment?

[Felix07Richerd]

In the United States and Canada, some residents of the apartments have their own apartments, either as co-ops, in which the residents own shares of a company that owns the building or development

They are called apartments (using the American term) rather than homes because people think there is a difference and builders can go for a price 10-15% higher calling accordingly.

Whether the price differential will only compared to former apartment in say 10 years time is another matter!