What this suffix does
The suffix -ity takes an adjective and turns it into the abstract noun that names that quality. From "active" you get "activity"; from "able" you get "ability"; from "real" you get "reality".
It is the -ness equivalent for Latin-origin adjectives. The practical difference: if the adjective ends in -ive, -al, -ous or -ic, its noun almost always uses -ity (not -ness).
Massive Spanish cognate advantage
This is probably the suffix with the most direct cognates between English and Spanish:
activity = actividad
reality = realidad
quality = calidad
community = comunidad
university = universidad
Almost every Spanish -idad word has an English -ity equivalent, and vice versa. It is a vast source of free vocabulary in both directions.
Watch out: stress shifts with -ity
When you add -ity, the stress moves to the syllable immediately BEFORE -ity. This can change how the root sounds.
active [ˈæktɪv] → activity [ækˈtɪvɪti] (stress jumps to -tiv-)
possible → possibility (stress jumps to -bil-)
This does not affect meaning, but it does affect pronunciation. Practise with the words in the table to internalise the stress shift.