I bought a 550 sq foot condo in Vancouver in early 2014 and have built $140k in equity through mostly appreciation. I was lucky that the market has continued to go up overall here in the years since. However, for me, it's not just about the appreciation, I would be completely okay if my condo lost 50% of its value right now (except being worried for the state of our economy when that happens). I'm living here long term and I bought only what I can afford to pay without sacrificing other things in my life, with a bit of a cushion as well.
My condo fees are what I consider a reasonable $220 a month for a 15 year old building and have been so for the past 3 years. I'm paying $1850 all in (mortgage, insurance, utilities, condo fees, own maintenance) and rent in my neighbourhood runs $1800-$2200 a month for a 1 bedroom with no roommates. There are absolutely negatives with condo ownership, but like any other investment, the buyer needs to take their time to do their own due diligence, every person will be different as to the risk they are willing or able to take on in terms of the cost, and even every individual building you look at will have its own problems/benefits in terms of the build.