CMHC Rental Financing & MLI Select Calculator

Q: How little can I put down?

Qualifying MLI Select projects can be financed up to 95% of cost or value. In practice the supportable loan is usually capped by debt coverage (DCR), so the real cash-in depends on the property's income.

Q: What do I have to commit to in exchange?

Measurable social outcomes. Affordability commitments run a minimum of 10 years (bonus points for 20). Energy is verified by a qualified professional's attestation, and accessibility against the CSA B651:23 standard.

Q: Is the calculator a quote or an approval?

No. It is an estimate for discussion only, not a quote, pre-approval, or commitment to lend. Actual financing depends on a full application, a CMHC-approved lender's underwriting, current rates, and CMHC approval.

Q: What do you need from me to get started?

The property address, unit mix, target rents, your cost budget, and which commitments you'd consider. Submit them through the form and you'll get a full deal-specific analysis.

The basics

What is CMHC rental financing?

CMHC insures mortgages on rental buildings of 5+ units. That insurance lets lenders offer terms you can't get conventionally — and the flagship program, MLI Select, rewards affordability, energy efficiency, and accessibility with even better financing.

🏦

Lower down payment

Qualifying projects can be financed up to 95% of cost — far less cash in than conventional.

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Longer amortization

Up to 50 years, which lowers the monthly payment and supports a larger loan.

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Better rates & terms

Insured pricing, plus premium discounts and limited recourse at the top tier.

MLI Select

Earn points → unlock better terms

Commit to affordability, energy efficiency, and/or accessibility to earn points. Your total unlocks one of three tiers (minimum 5 units required).

Minimum

50 pts

Up to 85% LTV / 95% LTC
Up to 40-year amortization
10% premium discount

Strong

70 pts

Up to 95% leverage
Up to 45-year amortization
20% premium discount

Best terms

100 pts

Up to 95% leverage
Up to 50-year amortization
30% premium discount + limited recourse

Estimate your project

Rental project calculator

Enter your numbers and see the loan you could support, the cash you'd need, and whether the project pencils. This is an estimate for discussion — not a quote or approval.

What are you doing?

Number of units

Cash you can invest

Purchase price (+ reno if converting)

Avg rent $/unit/mo

Interest rate %

Financing path

MLI Select target points

Advanced assumptions

Vacancy %

Operating expenses % of income

Cap rate % (value)

Down payment % (conv.)

Your estimate

Get my full, deal-specific analysis →

Estimate only. Figures depend on your inputs and current CMHC rules; confirm with a CMHC-approved lender. Projects under 5 units are financed conventionally, not under CMHC multi-unit.

Toronto · 2025–2026

What the market looks like

Avg rent (PBR)

$2,073–$2,690

1-bed to 2-bed

GTA vacancy

~3%

New builds ~7% at lease-up

Cap rate

3.5–5.5%

By asset & size

Build cost

$250–400/SF

Conversions $40k+/unit

A real Toronto example. A house on a main road bought for ~$800K, plus ~$150K to legally convert to a triplex (~$340K all-in), produced 3 units and $6,000+/month rent with $2,000+/month cash flow. After renovation it appraised around $1.1M — an ~$150K instant equity lift; a refinance pulled out ~$240K, leaving ~$100K in the deal.

Source: Elevate Realty, Toronto Multiplex Guide 2026 — illustration; results vary by deal.

Common questions

CMHC rental financing FAQ

Straight answers on how CMHC and MLI Select work for purpose-built rental in Ontario.

How many units do I need to qualify for CMHC?

CMHC multi-unit insurance and the MLI Select program require a minimum of 5 units (50 units/beds for retirement homes). Smaller projects — duplex to fourplex — are financed conventionally instead. The calculator above flags this automatically.

What is MLI Select, and why does it matter?

MLI Select is CMHC's flagship rental product. You earn points by committing to affordability, energy efficiency, and/or accessibility, and your point total (50 / 70 / 100) unlocks better terms: up to 95% leverage, amortization up to 50 years, premium discounts, and limited recourse at the top tier.

How little can I put down?

Qualifying MLI Select projects can be financed up to 95% of cost (LTC) or value (LTV) — far less cash in than conventional financing. In practice, the supportable loan is usually capped by debt coverage (DCR), not the leverage limit, so the real cash-in depends on the property's income. The calculator shows both.

What do I have to commit to in exchange?

Measurable social outcomes. For example, affordability commitments run a minimum of 10 years (with bonus points for 20). Energy commitments are verified by a qualified professional's attestation, and accessibility against the CSA B651:23 standard. The more you commit, the better your financing.

Is the calculator a quote or an approval?

No. It's an estimate for discussion only — not a quote, pre-approval, or commitment to lend. Actual financing depends on a full application, a CMHC-approved lender's underwriting, current rates, and CMHC approval. Premiums shown reflect CMHC's rates effective July 14, 2025.

What do you need from me to get started?

Just the basics: the property address, unit mix, target rents, your cost budget, and which commitments you'd consider. Send them through the form below and I'll run a full, deal-specific analysis — debt sizing, equity, premium, returns, and a clear recommendation on whether to proceed.

Next step

Get your full, deal-specific analysis

Send me your project details and I'll run a complete CMHC analysis — debt sizing, equity, premium, returns, and a clear recommendation. No cost, no obligation.

What you'll get: a sized loan estimate, the cash you'd need to close, your projected returns, the documents required, and an honest view of whether to proceed.