text: Cash and cash equivalents are classified as held for trading and carried at their fair values. The Company’s short‑term financial instruments, 
  comprising accounts receivable, restricted cash, accounts payable and accrued liabilities, security deposits, loans and construction loans are 
  carried at amortized cost which, due to their short‑term nature, approximates their fair value. 
  
  (a) The fair value of the convertible debentures are based on a quoted market price as at the reporting date (level 1). 
  
  (b) The mortgages and subordinated debentures are based upon discounted future cash flows using discount rates that reflect current 
  market conditions for instruments with similar terms and risks. Such fair value estimates are not necessarily indicative of the amounts the 
  Company might pay or receive in actual market transactions (level 2). 
  
  The interest rates used to discount the estimated cash flows, when applicable, are based on the 5‑year government yield curve at the 
  reporting date, plus an adequate credit spread, and were as follows: 
  
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              [html]<thead><tr><td>As at</td><td>December 31.2013</td><td>December 31.2012</td></tr></thead><tbody><tr><td>Mortgages - Apartments</td><td>2.60 %</td><td>2.27 %</td></tr><tr><td>Mortgages - MHCs</td><td>4.45 %</td><td>4.02 %</td></tr></tbody>
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