Objective: This study proposes a new parametric TF (time frequency) CGC (conditional Granger causality) method for high precision connectivity analysis over time and frequency in multivariate coupling nonstationary systems, and applies it to scalp and source EEG signals to reveal dynamic interaction patterns in oscillatory neocortical sensorimotor networks. Methods: The Geweke spectral measure is combined with the TVARX (time varying autoregressive with exogenous input) modelling approach, which uses multiwavelets and ultra regularized orthogonal least squares (UROLS) algorithm aided by APRESS (adjustable prediction error sum of squares), to obtain high resolution time varying CGC representations. The UROLS APRESS algorithm, which adopts both the regularization technique and the ultra least squares criterion to measure not only the signal data themselves but also the weak derivatives of them, is a novel powerful method in constructing time varying models with good generalization performance, and can accurately track smooth and fast changing causalities. The generalized measurement based on CGC decomposition is able to eliminate indirect influences in multivariate systems. Results: The proposed method is validated on two simulations and then applied to multichannel motor imagery (MI) EEG signals at scalp and source level, where the predicted distributions are well recovered with high TF precision, and the detected connectivity patterns of MI EEG data are physiologically and anatomically interpretable and yield new insights into the dynamical organization of oscillatory cortical networks. Conclusion: Experimental results confirm the effectiveness of the proposed TF CGC method in tracking rapidly varying causalities of EEG based oscillatory networks. Significance: The novel TF CGC method is expected to provide important information of neural mechanisms of perception and cognition.