MLI Std.

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Mortgage loan insurance: standard rental housing

Mortgage insurance options for standard rental housing in multi-unit residential buildings.

Mortgage Loan Insurance: Standard Rental Housing 

CMHC mortgage insurance offers flexible tools to build, buy or refinance standard multi-unit rental housing. This includes financing options like:

• higher loan-to-value ratios
• loan advances up to 75% of the lending value during construction
• lower debt coverage ratios
• preferred interest rates
• amortization periods up to 40 years for existing properties and 50 years for new construction

Download fact sheet (PDF)

IS YOUR PROJECT ELIGIBLE?

Our flexibilities are available for first, second and pari passu mortgages on any eligible rental property. To be eligible, your project must: 

• have at least 5 rental units
• be at least 70% residential in terms of both floor area and the total loan value
• have a maximum loan-to-value ratio of 85%
• not be subject to any prohibition under the Prohibition on the Purchase of Residential Property by Non-Canadians Act

In addition, the borrower must have: 

• proven competence in managing a similar size and type of property
• at last five years' multi-unit property management experience (or a property manager with this record)
• a net worth of at least 25% of the value of the loan
• the ability to guarantee 100% of the loan until you have 12 consecutive months of stable rents

ENERGY-EFFICIENT REFUNDS

For applications received after March 7, 2022, please refer to the energy efficiency incentives available through our MLI Select product.

For applications received prior to March 7, 2022 borrowers with energy efficient projects may qualify for a 10-15% refund on their loan insurance premiums. For more information, please contact one of our Client Relationship Managers.

FIND OUT MORE

For more details about our mortgage insurance tools, including:

• types of housing
• eligibility requirements
• application fees and premiums
• required documentation
• replacement of covenant
• Multi-unit insurance servicing
• Report of loans in arrears for multi-unit properties
• and funding opportunities

You can:

• fill out a Certificate of Insurance — application form (PDF) **Important: To use this interactive PDF, right click (Ctrl + click on Mac) the link to save the file, and then open it in Adobe Acrobat.
• contact one of our Client Relationship Managers

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Date Published: March 7, 2022

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https://www.cmhc-schl.gc.ca/professionals/project-funding-and-mortgage-financing/mortgage-loan-insurance/multi-unit-insurance/standard-rental-housing