Conditions and limitations

1   The following conditions and limitations apply for the purposes of section 54 of the University Act:

(a) property that is held or used for residential or rental accommodation purposes is not exempt from taxation unless the accommodation is held or used

(i) primarily for the accommodation of students, visiting professors, visiting scientists, visiting scholars, visiting postdoctoral fellows or visiting medical residents,

(ii) for the president or to meet a requirement of a faculty member's appointment to a specified position at the university, or

(iii) as university apartments rented primarily to the full time university faculty or staff for a stay of no more than 3 years.