Canadians differentiate between condos and apartments. at least, they do in every town/city I've lived/hung around in {Calgary, Victoria, Vancouver}

Now I'm curious, what do they mean in America? As a Canadian I think both words describe a single unit in a multi-story building, but say "apartment" if the entire building is owned by one company and all units are rented, and "condo" if each unit is sold to an individual owner (who may still rent it out privately if they want). I rent an apartment, I'd buy a condo. They're physically the same thing, just different ownership models. Most Canadians I know (Vancouver/Calgary) do the same.