In Toronto, it is not rare to purchase homes built in the late 1800s. Older homes like these often have not been renovated since the 1960s and often have many issues as well as lots of utilities which can cause damage to the home.
Like any home, mortgagees of commercial properties need an insurance binder, and the type of business can play a significant role in the insurability of the building. In most cases, commercial buildings have undergone massive renovations, and you need to ensure that you, or the business owner tenant, will be insuring the renovations within the building.