Q Condos (20 Queen St N) | 34 fl | Proposed

[KaiserWilhelmsBust]

80% is fairly common but that amount covers construction debt so less 'speculative' I'd call it building on spec when you're only <50% sold

Deposits on 80% of the units is not enough to cover construction costs. However, it's enough to get less expensive construction financing as the bank will know that 80% of the units will close once construction is complete.

Yes. "cover construction costs" means the contracted sale price. So if you don't sell a single additional unit, when building completes there is still enough to pay back loan