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In the latest real estate scam, homes are being sold behind owners’ backs. Here’s how.  Maclean’s



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Greater Toronto real estate agents have been dropping anecdotal evidence the market is firming. It might be true, according to the latest composite benchmark prices presented by the Toronto Regional Real Estate Board (TRREB). Home prices generally fell across the region, except in the most dense part—the actual City of Toronto. In the City, the price of a typical home actually climbed. One month isn’t enough to declare that a trend has changed, but it likely has the central bank sweating bullets.

Greater Toronto Real Estate Prices Fell, Just Not In The City

Greater Toronto real estate prices seem to have found a floor in some regions. The TRREB-wide composite benchmark fell 0.2% (-$2,500) to $1,078,900 in January. However, in the City of Toronto, the benchmark price climbed by 0.5% (+$5,100) to reach $1,067,000 in the month. While one month doesn’t make a trend, the data comes after Oakville-Milton single-family homes made a big jump higher in December. Not exactly the cooling expectations the Bank of Canada (BoC) had in mind for the market when it announced a pause.

Greater Toronto Real Estate Are Off The Peak

The composite benchmark price of a home across Greater Toronto.

Jan 2005Jan 2006Jan 2007Jan 2008Jan 2009Jan 2010Jan 2011Jan 2012Jan 2013Jan 2014Jan 2015Jan 2016Jan 2017Jan 2018Jan 2019Jan 2020Jan 2021Jan 2022Jan 2023C$0C$200,000C$400,000C$600,000C$800,000C$1,000,000C$1,200,000

Date	Canadian Dollars
Jan 2005	316,400
Feb 2005	325,400
Mar 2005	318,700
Apr 2005	328,400
May 2005	334,200
Jun 2005	336,100
Jul 2005	332,900
Aug 2005	333,500
Sep 2005	335,100
Oct 2005	336,400
Nov 2005	338,800
Dec 2005	335,700
Jan 2006	339,800
Feb 2006	342,900
Mar 2006	346,700
Apr 2006	350,600
May 2006	352,200
Jun 2006	352,400
Jul 2006	350,300
Aug 2006	349,800
Sep 2006	351,800
Oct 2006	350,600
Nov 2006	350,400
Dec 2006	348,100
Jan 2007	350,000
Feb 2007	356,900
Mar 2007	360,900
Apr 2007	365,300
May 2007	368,700
Jun 2007	371,700
Jul 2007	372,100
Aug 2007	373,600
Sep 2007	376,000
Oct 2007	378,000
Nov 2007	378,300
Dec 2007	377,400
Jan 2008	380,500
Feb 2008	383,100
Mar 2008	383,600
Apr 2008	385,000
May 2008	384,300
Jun 2008	382,700
Jul 2008	379,100
Aug 2008	377,200
Sep 2008	375,300
Oct 2008	371,000
Nov 2008	365,900
Dec 2008	358,000
Jan 2009	353,300
Feb 2009	352,100
Mar 2009	354,500
Apr 2009	359,200
May 2009	365,300
Jun 2009	372,000
Jul 2009	377,200
Aug 2009	383,100
Sep 2009	388,900
Oct 2009	394,300
Nov 2009	398,300
Dec 2009	399,600
Jan 2010	404,900
Feb 2010	411,700
Mar 2010	415,200
Apr 2010	416,800
May 2010	416,100
Jun 2010	414,300
Jul 2010	410,800
Aug 2010	410,600
Sep 2010	411,100
Oct 2010	411,600
Nov 2010	412,500
Dec 2010	411,700
Jan 2011	417,300
Feb 2011	424,500
Mar 2011	430,300
Apr 2011	435,900
May 2011	440,100
Jun 2011	443,400
Jul 2011	444,400
Aug 2011	446,600
Sep 2011	448,600
Oct 2011	450,000
Nov 2011	452,000
Dec 2011	453,400
Jan 2012	457,900
Feb 2012	465,900
Mar 2012	472,200
Apr 2012	478,100
May 2012	481,200
Jun 2012	480,700
Jul 2012	479,100
Aug 2012	476,300
Sep 2012	477,100
Oct 2012	476,100
Nov 2012	472,700
Dec 2012	474,800
Jan 2013	474,500
Feb 2013	482,700
Mar 2013	488,400
Apr 2013	493,800
May 2013	497,300
Jun 2013	498,200
Jul 2013	498,500
Aug 2013	499,300
Sep 2013	501,200
Oct 2013	504,400
Nov 2013	505,600
Dec 2013	506,400
Jan 2014	512,400
Feb 2014	521,800
Mar 2014	527,700
Apr 2014	533,900
May 2014	537,300
Jun 2014	539,900
Jul 2014	539,700
Aug 2014	540,500
Sep 2014	543,500
Oct 2014	545,900
Nov 2014	547,300
Dec 2014	548,200
Jan 2015	553,500
Feb 2015	564,300
Mar 2015	574,400
Apr 2015	583,000
May 2015	588,200
Jun 2015	592,800
Jul 2015	594,600
Aug 2015	597,400
Sep 2015	601,600
Oct 2015	602,700
Nov 2015	603,600
Dec 2015	605,900
Jan 2016	616,500
Feb 2016	631,600
Mar 2016	646,400
Apr 2016	665,000
May 2016	680,500
Jun 2016	692,000
Jul 2016	698,100
Aug 2016	706,600
Sep 2016	716,800
Oct 2016	724,700
Nov 2016	728,900
Dec 2016	735,700
Jan 2017	759,800
Feb 2017	804,500
Mar 2017	851,000
Apr 2017	865,500
May 2017	849,300
Jun 2017	822,400
Jul 2017	793,700
Aug 2017	774,600
Sep 2017	769,800
Oct 2017	766,200
Nov 2017	761,100
Dec 2017	756,600
Jan 2018	758,600
Feb 2018	764,200
Mar 2018	771,500
Apr 2018	775,800
May 2018	774,200
Jun 2018	771,700
Jul 2018	768,100
Aug 2018	764,000
Sep 2018	766,800
Oct 2018	767,300
Nov 2018	761,500
Dec 2018	756,300
Jan 2019	755,700
Feb 2019	763,200
Mar 2019	771,500
Apr 2019	776,400
May 2019	779,500
Jun 2019	779,600
Jul 2019	779,700
Aug 2019	779,200
Sep 2019	783,100
Oct 2019	787,700
Nov 2019	790,100
Dec 2019	792,500
Jan 2020	806,000
Feb 2020	830,600
Mar 2020	845,000
Apr 2020	832,100
May 2020	837,100
Jun 2020	842,400
Jul 2020	857,300
Aug 2020	869,900
Sep 2020	875,200
Oct 2020	877,000
Nov 2020	883,900
Dec 2020	893,800
Jan 2021	927,500
Feb 2021	970,100
Mar 2021	998,900
Apr 2021	1,010,900
May 2021	1,018,500
Jun 2021	1,021,900
Jul 2021	1,025,100
Aug 2021	1,033,200
Sep 2021	1,065,300
Oct 2021	1,113,100
Nov 2021	1,153,000
Dec 2021	1,187,200
Jan 2022	1,257,500
Feb 2022	1,326,100
Mar 2022	1,335,000
Apr 2022	1,303,900
May 2022	1,261,800
Jun 2022	1,204,900
Jul 2022	1,157,500
Aug 2022	1,124,600
Sep 2022	1,110,700
Oct 2022	1,098,200
Nov 2022	1,089,800
Dec 2022	1,081,400
Jan 2023	1,078,900

Source: TRREB; Better Dwelling.

Greater Toronto Real Estate Prices Are Still Down Significantly

Might not want to read too much into a single-month increase with prices still down significantly from last year. TRREB home prices are down 14.2% (-$178,400) from a year ago, while the City of Toronto is 10.2% (-$120,700) lower. For those curious, the rate of decline is still decelerating despite the month’s increase due to a base effect. Prices in January failed to rise as much as last year.

Greater Toronto Real Estate Price Growth Is Decelerating

The 12-month percent change for the composite benchmark price of a home across Greater Toronto.

Source: TRREB; Better Dwelling.

Greater Toronto Home Sales Had The Worst January Since 2009 

Greater Toronto residential real estate sales through the MLS are getting weaker. Sales across TRREB fell 44.6% to 3,100 homes in January. Being roughly cut in half is as bad as it sounds, it was the fewest homes sold since 2009.

Greater Toronto Real Estate Sales

The number of existing-homes sold across Greater Toronto through the TRREB, the local real estate board.  

Source: TRREB; Better Dwelling.

Greater Toronto Inventory More Than Doubled, “Balanced”

At the same time, inventory pressures are still releasing. The number of active listings for sale jumped 124.6% to 9,299 homes in January. New listings showed a mild drop of 3.7%, and fell to 7,688 units over the same period. However, the drop was much smaller than that of sales, meaning less pressure on prices.

The result is the sales to new listings ratio (SNLR) is MUCH lower than last year. This is the indicator that determines if a market is a “buyers” or “sellers” market. The SNLR fell from 70% this time last year to 40% last month. That’s right, at the cusp of the 40%-to-60% range where the ratio is considered balanced, and priced right for the market.

So what’s happening? Once again, one month doesn’t make a trend, but there’s a few conditions that may be attracting buyers. The interest rate on a 5-year fixed rate mortgage is falling, meaning the market expects interest rates to fall relatively soon. At the same time, the Bank of Canada (BoC) is signaling the end of rate hikes, leading many antsy buyers to see this as close to the bottom.

The softening expectations are likely to be a big concern for the BoC in the coming months. Rising rates were supposed to throttle expectations for 18 to 24 months. Now with the general public reading into every move the central bank makes, their expectations are softening before inflation issues have been resolved. If it wasn’t just an anomaly, the BoC has a big problem on its hands.

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Overview

For the first time, the Canadian Housing Statistics Program (CHSP) is publishing data on investors. This article presents a profile of these owners and the residential properties they owned in the provinces of Nova Scotia, New Brunswick, Ontario, Manitoba and British Columbia in 2020.

Key findings

• The proportion of investors among owners varied from 20.2% in Ontario to 31.5% in Nova Scotia.
• Among houses and condominium apartments, just under one in five properties was used as an investment in British Columbia, Manitoba, Ontario, New Brunswick and Nova Scotia combined.
• Condominium apartments were used as an investment more often than houses (single-detached houses, semi-detached houses, row houses, and mobile homes). Ontario topped the list with the highest rate of condominium apartments used as an investment, at 41.9%.
• Houses used as an investment were mainly owned by individuals living in the same province as the property.

Introduction

Residential properties can be owned for several reasons: for use as a primary place of residence, but also for occasional use as a secondary residence, to generate income or other investment purposes. When properties are owned by investors, they can contribute to the rental housing supply—and therefore meet the population’s need for rental housing—but that can also limit the number of properties available to buyers who intend to use it as a primary place of residence. Data from the 2021 Census showed that the proportion of Canadian households who owned their home fell from 69.0% in 2011 to 66.5% in 2021. This article distinguishes between investors and other types of owners to better understand the profile of investors, what they own, and the role they play in the market.

This topic is especially important since, in the United States, the study by Haughwout et al. (2011) showed an increase in the proportion of investors among buyers from 2000 to 2007, when a housing bubble emerged. These borrowers then contributed considerably to the rise in delinquency rates during the 2007/2008 housing crisis. Analyzing the subsequent period in the United States (2009 to 2013), the study by Allen et al. (2018) also found that an increase in the percentage of houses purchased by investors in a given area led to higher prices in that market.

North of the border, the Bank of Canada (2022) analyzed the importance of investors—defined as buyers who own multiple mortgaged properties—and found an increase in the proportion of purchases by investors in Canada in the first half of 2021. Teranet (2022) made a similar observation in an analysis of transactions carried out by owners of multiple properties in Ontario. The Canada Mortgage and Housing Corporation (2016) also investigated investors — defined as households who own a primary residence and at least one secondary condominium unit — using a survey of condominium owner households in Toronto and Vancouver. They found that 48.4% of investors in 2015 stated that their secondary unit was rented out while 42.0% stated that they or a family member were using the unit.

In this release, the CHSP follows a different approach by identifying properties owned by investors among the entire stock of residential properties in Nova Scotia, New Brunswick, Ontario, Manitoba and British Columbia for the reference year 2020.^Note The findings provide a snapshot of the situation in these provinces before the COVID-19 pandemic and can therefore be used as a point of comparison to determine the effects of the public health crisis when examining subsequent years.

What is an investor?

In this analysis, owners are divided into three categories: investors, investor-occupants, and non-investors.

An investor is defined as an owner who owns at least one residential property that is not used as their primary place of residence. Individual owners who own a single property in the same province as where they reside are not considered investors, so long as it is not a property with multiple units.

Specifically, the following owners are considered to be investors:

• A business or government that owns at least one residential property, excluding Canadian non-profit organizations.^Note Given the predominance of businesses in this category, they will simply be referred to as “business” in what follows.
• An individual owner who is not resident in Canada, referred to as a “non-resident investor” below.
• An individual owner who lives outside the province where they own residential property, referred to as an “out-of-province investor” in the province of the non-principal residence.
• An individual owner who lives in the province and owns two or more residential properties, or owns a property with multiple residential units who does not occupy that property. These individuals will be referred to as “in-province investors”.

The investor category thus can include, among others, secondary residence owners, landlords, short-term rental owners, developers, for-profit businesses and speculators.

An owner is classified as an investor-occupant if they own a single property with multiple residential units, one of which is their primary place of residence. For example, this category includes owners of a house with a laneway unit or basement suite and owners of a duplex who live in one of the units. In all cases, at least one of the units must be occupied by one of the owners.

An owner is classified as a non-investor when they are not an investor or an investor-occupant. This category primarily includes owners who live in the province where the property is located, who own a single property, and this property does not have multiple residential units. Canadian non-profit businesses are also included in this category.^Note

More than one in five owners is an investor

For British Columbia, Manitoba, Ontario, New Brunswick and Nova Scotia combined, CHSP data show that a total of 21.9% of owners were investors in 2020. The proportion of investors was higher in Nova Scotia (31.5%) and New Brunswick (29.0%) than in British Columbia (23.3%), Manitoba (20.4%), and Ontario (20.2%).

This difference is largely due to a higher proportion of vacant land in the two Atlantic provinces, which is a type of property often owned in addition to the primary place of residence. The proportion of investors who live in the province and own one or two pieces of vacant land in addition to their primary place of residence was 6.7% in Nova Scotia and 7.7% in New Brunswick. If we remove this type of investor, the rate of investors falls to 24.8% in Nova Scotia and 21.3% in New Brunswick. The proportions of investors are then more comparable to those of the other provinces.

Given that the stock of vacant land is proportionally lower and more expensive in British Columbia and Ontario, less than 2% of owners in these provinces were in-province investors who owned one or two pieces of vacant land in addition to their primary place of residence. In Manitoba, the proportion of homeowners in this situation was also low, at 2.5%.

Investor-occupants are more common in British Columbia, where they made up 9.6% of owners. This higher proportion is mostly due to the composition of the housing stock. In this province, properties with multiple residential units represented 11.7% of the stock, a higher proportion than in the other provinces, where it varied from 2.9% in Ontario to 5.7% in Nova Scotia. This higher percentage in British Columbia was mostly attributable to many residences with a laneway unit or a basement suite among properties with multiple residential units. These kinds of properties were more likely to be occupied by the owner when compared to apartment buildings in British Columbia and elsewhere.

How is the investment status of the property defined?

An analysis of properties used as an investment helps clarify the role that investors play in the housing market. The investment status of the property is determined by analyzing the investor status of the owner and the use of the property. Properties are divided into one of the following three categories: an investment property, an owner-occupied investment property, and a non-investment property.^Note

An investment property is defined as a property owned by at least one investor that is not the primary place of residence of any of the owners. This can include, for example, a rented property with one or more units, a cottage or a property owned for speculative purposes.

If the property is not included in the previous category, it can be considered an owner-occupied investment property if it is a property with multiple residential units where at least one of the owners occupies a unit.^Note

Finally, the non-investment property category includes properties owned only by non-investors or those used as a primary place of residence by at least one of the owners.

The proportion of investment properties varies greatly by the type of property analyzed. Vacant land and properties with multiple residential units are used more for investment than single-detached houses, semi-detached houses, row houses, and mobile homes — which we refer to as “houses” in this article — and condominium apartments.

In all the provinces analyzed in this study combined, more than 9 in 10 vacant lots were investment properties or were owned by a non-profit organization. The remainder were owned by individuals residing in the province where they owned a single vacant lot. Similarly, for all these provinces, 96.7% of properties with multiple residential units were either investment properties (45.6%) or owner-occupied investment properties (51.1%), while the rest were owned by non-profit organizations. However, these proportions varied from one province to another. In British Columbia, 73.0% of properties with multiple dwellings were owner-occupied investment properties. By contrast, in the other provinces, the majority of properties with multiple dwellings were investment properties, with the proportion reaching 72.0% in Manitoba.

As a result, provinces with a large stock of vacant land, such as New Brunswick and Nova Scotia, and those with a high proportion of properties with multiple residential units, such as British Columbia, had high rates of investors or investor-occupants. The portrait shifts when the focus is on houses and condominium apartments, which are more likely to be owner-occupied, and therefore not used for investment purposes. In the following sections, the analysis of properties focuses exclusively on houses and condominium apartments, and excludes properties with multiple dwellings and vacant land.

In Nova Scotia, more than 1 in 20 houses is used as an investment by a person living outside the province or the country

The analysis by property type found that investors were drawn more to condominium apartments than houses. The share of houses used as an investment varied from 14.3% in New Brunswick to 20.1% in Nova Scotia, with an overall average of 15.6% for all five provinces. By comparison, this same statistic for condominium apartments was 39.4%. For the five provinces, a total of 918,695 houses were used as an investment, 584,615 of which were in Ontario. A regional analysis found that the proportion of houses used as an investment was generally higher in more touristic regions, where there may be more cottages.

In-province investors owned, as investment properties, between 8.7% of the houses in New Brunswick and 12.4% in Nova Scotia, and, as such, they owned more houses used as an investment than all the other types of investors combined.

Out-of-province investors owned proportionally fewer houses used as an investment in Ontario (0.3%) than out-of-province investors in the other provinces, which is likely partly due to higher real estate prices in Ontario than most of the provinces. Nova Scotia, New Brunswick and British Columbia seemed more popular with out-of-province investors, who owned, as investments, 2.3%, 1.6% and 1.7% of houses, respectively. New Brunswick and Nova Scotia may have attracted residents from other provinces with lower average housing prices than in other provinces. As for British Columbia, the number of out-of-province investors was particularly high in the areas near the Alberta border. In British Columbia, non-residents and out-of-province investors owned 43,890 houses used as an investment.

Condominium apartments are more popular with investors than houses

The share of condominium apartments used as an investment was higher than for houses, varying from 22.6% in New Brunswick to 41.9% in Ontario and totalling 39.4% for all five provinces. Although this share was higher in Ontario and British Columbia (36.2%) than in Manitoba (29.2%) and New Brunswick, this does not appear to be attributable to the large census metropolitan areas (CMAs) in those provinces. In fact, the rate of condominium apartments used as investment was lower in the CMAs of Toronto (36.2%) and Vancouver (34.0%) than the rate in the rest of their respective provinces.

There was a higher rate of business-owned investment properties among the condominium apartment stock than in the stock of houses. In Ontario, businesses owned 74,485 condominium apartments for investment purposes, or 13.4% of all properties of this type, which is the highest share among the provinces analyzed. Nevertheless, most condominium apartments used as an investment in both Ontario and Manitoba were owned by in-province investors. In the other jurisdictions, this was not the case.

The proportion of condominium apartments owned for investment purposes by non-resident investors was the highest in British Columbia (7.0%), followed by Ontario (5.6%).

More investment properties outside CMAs and census agglomerations (CAs) seem to be used as a secondary residence

While some investors rent out their investment property, others may use it as a secondary residence. Properties located outside CMAs and CAs are more likely to be used as secondary or recreational properties, such as cottages, when the owners are residents of the province and only own one additional property outside the region of their primary residence.^Note These properties may or may not be rented.

Outside the major centres, this type of investment made up between 3.2% of houses and condominium apartments in New Brunswick and 11.1% in Ontario. In the latter, this amounted to 70,610 properties, or 1.6% of all houses and condominium apartments in the province. Of these, more than 99% were houses, while condominium apartments, which are less common outside major centres, represented less than 1% of the investment properties of this type.

In British Columbia and, to a lesser extent, Nova Scotia, the share of potential secondary residences owned by out-of-province investors was higher than in the other jurisdictions. In British Columbia, investment properties owned by out-of-province residents represented 6.3% of the houses and condominium apartments outside CMAs and CAs, while the figure for Nova Scotia was 3.5%.

Although a secondary residence could also be a pied-à-terre in the city, this seemed less common. In large urban centres, the proportion of houses and condominium apartments used as an investment owned by residents from outside the region or the province was lower than in areas outside CMAs or CAs. This proportion was highest in the CAs and CMAs in Nova Scotia (2.2%) and British Columbia (2.2%). In CMAs and CAs of the five provinces, the second property of in-province investors living in a different region was more often a condominium (23.0% of cases) than was the case outside major centres.

In the Toronto and Vancouver CMAs, investment properties were concentrated in the downtown core

In both Toronto and Vancouver CMAs, there was a higher proportion of investment properties in the core census subdivisions (CSDs). In the Vancouver CMA, the Greater Vancouver A^Note CSD was the one exception, with a higher proportion of houses and condominium apartments used as an investment (42.1%) than in the other CSDs in the region. This is consistent with other trends observed for Greater Vancouver A. According to the 2021 Census, this CSD had a higher proportion of renters (57.3% of households) than in the rest of the CMA. This difference is partially due to the students who attend the University of British Columbia, which is located in this area. Students are more likely to be renters, but they could also be owners, or they could live in a second property owned by a family member. In addition, this CSD had the highest non-resident ownership rate (14.9%) in the CMA in 2020.

In the City of Vancouver, which is the core CSD, the proportion of houses and condominium apartments used as an investment was 32.5%, the second highest proportion in the Vancouver CMA, which had an overall rate of 21.3%. The higher share of investment properties in the core CSD is partly due to a greater concentration of condominium apartments, which are more often used as an investment. However, even considering condominium apartments and single detached houses separately, both had a higher rate of properties used as an investment in the Vancouver CSD than in the rest of the CMA.

The finding was similar in Toronto, where the proportion of investment properties was higher in the core CSD of the City of Toronto (21.7%) than in the CMA as a whole (16.3%). For the CSD, this amounts to 112,220 condominium apartments and 52,935 houses used as an investment.

Note to readers

The Canadian Housing Statistics Program (CHSP) is an innovative data project that leverages existing data sources and transforms them into new and timely indicators on Canadian housing.

The data in this study are compiled from the CHSP for the reference year 2020. Complete information about the reference years of the property stock, by province and territory, are available here.

Methodology

Investor status and investment status of the residential property take into consideration the type of property as obtained by our data providers. Certain properties may have secondary units that are not known to the authorities. As a result, we cannot account for them. The counts and distribution of properties are calculated based on the property classifications established by the CHSP. These may differ from the ones used by local authorities.

Once the property is categorized as an investment property, a subcategory is created to determine the type of investment property. This is based on the type of investor who owns it. The order of priority is as follows:

1. Investment property owned by at least one business or one government;
2. Investment property owned by at least one non-resident individual;
3. Investment property owned by at least one out-of-province individual;
4. Investment property owned by an individual living in the province.

Properties cannot be included in more than one investment property category. If the property has multiple owners with various profiles, once an owner fits in one of the categories, by order of priority, then the property is included in that category.

Geographical boundaries

In CHSP releases, data are based on the geographical boundaries from the Standard Geographical Classification 2016.

The CHSP database does not contain information about residential properties on Indian reserves.

Definitions

A property owner refers to an individual or an entity included in the classification of ‘business and government’ (such as corporations, governments, sole proprietorships and partnerships, and other legal types) that has property title transferred to, recorded in, registered in, or otherwise carried in their name.

A property may have more than one owner or an owner may have more than one property, therefore the count of owners and properties can differ.

An individual is considered a non-resident if their primary dwelling is outside the economic territory of Canada.

The core of a geographic area, for the purposes of this release, refers to the census subdivision (CSD) within a census metropolitan area (CMA) with the highest number of residential properties.

An investor is defined as an owner who owns at least one residential property that is not used as their primary place of residence, excluding Canadian non-profit organizations. An individual owner who owns a single property in the same province as where they reside is not considered an investor, so long as it is not a property with multiple residential units. This category excludes investor-occupants.

An investor-occupant is defined as an owner who possesses a single property with multiple residential units and who occupies that property.

A non-investor is defined as an owner who is not an investor or an investor-occupant. An owner who lives in the same province as where the property is owned and owns a single property is included in this category, so long as it is not a property with multiple residential units.

An investment property refers to a residential property owned by at least one investor and is not used as a primary place of residence by any of the owners. This category excludes owner-occupied investment properties.

An owner-occupied investment property refers to a property with multiple residential units where at least one of the owners occupies a unit.

A non-investment property refers to a property held solely by non-investors or a property being used as a primary place of residence by at least one of the owners and that is not an owner-occupied investment property.

The term unspecified investment property status refers to properties whose owner is unknown, and therefore the investment status of the property cannot be determined.

A property with multiple residential units refers to a property containing more than one set of living quarters owned by the same owner(s), as is the case for an apartment building or a duplex or a property with two houses on the same lot.

A condominium apartment refers to a set of living quarters that is owned individually, while land and common elements are held in joint ownership with others.

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