Ownership type of residential property

Definition

Ownership type refers to whether an owner of a residential property is a person or an entity included in the classification of 'business and government' (such as corporations, governments, sole proprietorships and partnerships, and other legal types). In the context of residential property, assignment of ownership type is as follows: A property is considered owned by a person if all owners of a property are persons in the ordinary sense of the word. Conversely, properties are deemed owned by a 'business and government' if all or some owners are not persons.

Residential property refers to all land and structures intended for private dwelling purposes, whether on a permanent or a temporary basis. A residential property may have more than one owner.

Classifications

• Classification of ownership type January 01, 2018 to current

Relation to previous version

• Ownership type of residential property November 10, 2022 to current

  November 10, 2022 - The wording of the definition of 'ownership type' and one of the category names in the classification have been modified by replacing 'non-individual' with 'business and government'.