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What is the presale requirement for a new construction or newly converted condo project?

For new or newly converted condo projects at least 50% of the total units in the project or subject legal phase must have been conveyed or be under contract for sale to principal residence or second home purchasers.

  • For a specific legal phase or phases in a new project, at least 50% of the total units in the subject legal phase(s), considered together with all prior legal phases, must have been conveyed or be under contract for sale to principal residence or second home purchasers.
  • For the purposes of this review process, a project consisting of one building cannot have more than one legal phase.

For additional information, refer to B4-2.2-03, Full Review: Additional Eligibility Requirements for Units in New and Newly Converted Condo Projects.

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