.- For people speculating about the type of stairs, I am attaching a picture below.

Counting on appreciation is nothing but speculation.

According to FAR, the state added 28,507 new real estate licensees in 2015, a 142% increase from the low point in 2010 but below the 42,126-licensee high point of 2005 when we didn't have a real estate market, we had a speculators market. 

I'm speculating, because there isn't enough from your post to know for sure.

*Speculative* ROI, such as additional properties or the stock market, might be higher but it is not guaranteed.

Holding it is really just waiting for appreciation and I think that qualifies as speculation and not investment.

The province or federal government has speculated it is from Money Laundering and then the investors dump the money in the market and let the properties sit for long periods of time. 

. :( I also read that we shouldn't speculate the appreciation but should focus on cashflow instead?

They have large asset bases and larger networks, which minimizes their risk if it doesn't pay off.Personally, I am not a speculator.

Understand there are different flavors of appreciation, some short term, some long term, some speculative, others derived.