A property — typically a condominium unit or freehold home — sold by a builder or developer before or during the construction phase, based on floor plans and renderings rather than a completed unit. In Ontario, pre-construction condo buyers are protected under the Condominium Act and the Ontario New Home Warranties Plan Act (Tarion). Purchasers have a 10-day cooling-off period after signing a pre-construction condo purchase agreement during which they can cancel without penalty.
Synonyms:
pre-con|new construction|off-plan purchase