Underused Housing Tax Regulations (2022, c. 19, s. 116)

Marginal note:Prescribed property — excluded property

1.1 For the purposes of the portion of the definition residential property in section 2 of the Act before paragraph (a), a particular residential condominium unit that is part of a building containing four or more residential condominium units is prescribed property if

• (a) a person that is the owner of all or substantially all of the residential condominium units in the building is the owner of the particular residential condominium unit; and

• (b) all or substantially all of those residential condominium units of which the person is the owner are held by the person for the purpose of providing individuals with continuous occupancy of a residential condominium unit as a place of residence or lodging for a period of at least one month.