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  • a person registered under the securities legislation of a jurisdiction of Canada, as an adviser or dealer, other than a person registered solely as a limited market dealer under one or both of the Securities Act (Ontario) or the Securities Act (Newfoundland and Labrador); or
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  • a person acting on behalf of a fully managed account managed by that person, if that person is registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction; or
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Note that as of 2016, many provinces in Canada now allow non-accredited investors to invest in private markets – under specified limits.

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References:

Bert Teuben, Hanskumar Bothra,Real Estate Market Size 2017. June 2018. https://www.msci.com/documents/10199/6fdca931-3405-1073-e7fa-1672aa66f4c2
2.Yolande Barnes. Around the World in Dollars and Cents. Jan. 2016. URL:http: //www.savills.co.uk/research_articles/188297/198667-0.
3.Axford N. et al, (2017) GlobalInvestor Intentions Survey http://www.cbre.com/research-and-reports/GlobalInvestor-Intentions-Survey-2017