Notes to the Consolidated Financial Statements
Dollar amounts are in thousands of Canadian dollars (except share and per share amounts)
2. Significant Accounting Policies (continued) 
Level 1: Quoted prices in active markets for identical assets or liabilities.
Level 2: Quoted prices in active markets for similar assets or liabilities or valuation techniques where significant inputs are based on 
observable market data.
Level 3: Valuation techniques for which any significant input is not based on observable market data.
Each type of fair value is categorized based on the lowest level input that is significant to the fair value measurement in its entirety. The 
following summarizes the Company’s classification and measurement of financial assets and liabilities:
Financial asset and liability   Classification    subsequent measurement
Cash     Fair value through Profit and Loss  Fair Value
Rent and other receivables   Loans and Receivables   Amortized cost
Accounts payable and other liabilities  Other Financial Liabilities   Amortized cost
mortgages, loans payable and 
   construction loans    Other Financial Liabilities   Amortized cost
Convertible debentures   Other Financial Liabilities   Amortized cost
Subordinated debentures    Other Financial Liabilities   Amortized cost
(i) Mortgages and loans payable
Mortgages and loans payable are initially recognized at fair value less directly attributable transaction costs. After initial recognition, 
mortgages and loans payable are subsequently measured at amortized cost using the effective interest rate method.
Financing fees and other costs incurred in connection with debt financing are deducted from the cost of the debt and amortized using 
the effective interest rate method.  Upon refinancing, any financing costs associated with previous mortgages are written off to income.  
Canada Mortgage and Housing Corporation (“CMHC”) insurance premiums are amortized over the mortgage amortization period.
Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the 
effective interest rate calculation.
(ii) Financial guarantee contracts
Financial guarantee contracts issued by the company are those contracts that require a payment to be made to reimburse the holder of 
the guarantee for a loss it incurs because the specified debtor fails to make a payment when due in accordance with the terms of a debt 
instrument. Financial guarantee contracts are recognized initially as a liability at fair value, adjusted for transaction costs that are directly 
attributable to the issuance of the guarantee. Subsequently, the liability is measured at the higher of the best estimate of the expenditure 
required to settle the present obligation at the balance sheet date and the initial amount recognized less cumulative amortization.
(iii) Convertible Debentures
Convertible debentures are separated into liability and equity components based on the terms of the contract. On issuance of the 
Convertible debenture, the fair value of the liability component is determined using a market rate for an equivalent nonconvertible bond. 
This amount is classified as a financial liability measured at amortized cost (net of transaction costs) until it is extinguished on conversion or 
redemption. The remainder of the proceeds is allocated to the conversion option that is recognized and included in shareholders’ equity. 
The carrying amount of the conversion option is not remeasured in subsequent years.  Transaction costs are apportioned between the 
liability and equity components of the convertible debenture based on the allocation of proceeds to the liability and equity components 
when the instruments are initially recognized. Upon conversion, no gain or loss is recognized.
(L) Taxation
(i) Current income tax