Dave Quickflip is a real estate developer and has just sold a property that he purchased on speculation six months ago. The property is a vacant lot in the middle of a downtown block. The property is needed by another developer who is assembling land to build a high-rise condominium towner. Dave purchased the lot from the original owner, who had no idea that the development was going to take place, for $275,000 and sold it to the other developer for $1,225,000. Dave as not received any rent from the property, and never intended to develop the property himself.

How is this property likely to be classified by the Canada Revenue Agency (CRA) for the purpose of taxing Daves gain? Give specific reasons for your answer. What tax treatment does this classification receive?