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I think these kinds of terms typically only apply to commercial real estate, or large, multi-tenant properties, which is what your reddit comment was addressing. But perhaps things are different in Canada?

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Yes, I think you are correct. I have never heard of a residential mortgage having a clause like that. It could definitely apply to store-fronts in NYC though

At the time of origination, residential mortgages will have limits on the equity-debt ratio. If you fall below a certain threshold (e.g. sub-20% downpayment) your lender may require you to carry private mortgage insurance (PMI). If your home's value were to fall substantially, your equity-debt ratio could be pushed below the threshold -- e.g. if tax assessments were updated.

I've never heard of situations that have re-triggered PMI... but it doesn't seem outside the realm of possibility.

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