Other classifications include resorts, lodges, and hotels as well as properties used for cultural and resort purposes as well as entertainment and recreation.Ĭommercial condominiums are another subset. Automotive and Repair Services As Well As Grocery, Retail, and Restaurant OutletsĪlong with the businesses listed in the title, this classification includes community and regional shopping centres and big-box shopping centres larger than 1000 thousand square feet. Multi-type complexes and communication buildings are also included. Included in this category are small and large offices, as well as medical and dental buildings. Communications, Office, Medical Offices, and Banks That means it fits into one of these descriptions. This government agency classifies a property as commercial when it gets used for general commercial uses which include an office, food service, or a retail establishment. In Ontario, the Municipal Property Assessment Corporation (MPAC), is responsible for commercial and other classifications. There are several types of commercial properties that fit into several different categories. Understanding everything you need to know about a commercial mortgage starts with a clear definition of what commercial properties are. The borrower’s financials are one of the main benchmarks with a commercial mortgage.
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