CMHC MLI Select — Canada's Best Apartment Building Financing Program
MLI Select (Multi-Unit Mortgage Loan Insurance Select) offers up to 95% LTV, 50-year amortization, and below-market fixed rates for purpose-built rental apartments across Canada. No other commercial financing program comes close.
Get MLI Select Quotes
Speak with a CMHC MLI Select specialist. Free consultation.
What is CMHC MLI Select?
CMHC MLI Select is Canada's Multi-Unit Mortgage Loan Insurance Select program, launched in 2022 to replace CMHC's previous apartment building insurance products. It was designed specifically to encourage the construction and preservation of purpose-built rental housing across Canada.
The program works by providing mortgage insurance through CMHC, which allows lenders to offer dramatically better terms than they could on a conventional (uninsured) basis. The insurance premium is paid by the borrower but is typically added to the mortgage, not paid upfront.
What makes MLI Select unique is its points-based scoring system — properties that score higher on affordability, accessibility, and climate compatibility earn better LTV and amortization terms. The program essentially rewards landlords who commit to providing affordable, accessible, and energy-efficient rental housing.
MLI Select at a Glance
The MLI Select Scoring System
Your total score determines the maximum LTV and amortization available. A minimum of 50 points is required to qualify. The maximum possible score is 110 points (50 + 30 + 30).
Affordability
Max 50 ptsPoints earned based on the percentage of units rented below the area's median market rent. The greater the discount to market rent and the more units below median, the higher the score.
Tip: This component has the highest point ceiling. Maximizing affordable units earns the most points.
Accessibility
Max 30 ptsPoints earned based on the percentage of units meeting Canadian Standards Association (CSA) barrier-free accessibility design standards (CSA B651). Visitability, adaptability, and full accessibility are scored at different levels.
Tip: New construction can often incorporate accessibility features cost-effectively during design.
Climate Compatibility
Max 30 ptsPoints based on the building's energy performance. Uses EnerGuide ratings or equivalent. Net-zero ready or net-zero buildings achieve maximum points. Energy Star certification also qualifies.
Tip: Target net-zero ready construction to maximize climate points with modern HVAC systems.
| MLI Select Score | Maximum LTV | Maximum Amortization |
|---|---|---|
| Below 50 | Does not qualify | — |
| 50–69 | 85% | 40 years |
| 70–84 | 90% | 45 years |
| 85–100 | 95% | 50 years |
| Conventional | 65–75% | 20–25 years |
Down payment comparison assumes $10M property value. Conventional down payment shown for illustration — actual conventional LTV varies by lender and property.
MLI Select vs Conventional — Real Example
The equity difference between MLI Select and conventional financing is transformative for apartment developers and investors.
Conventional
$10M Apartment Building, 65% LTV
CMHC MLI Select (85–100 pts)
$10M Apartment Building, 95% LTV
Equity savings: $3,000,000 — the difference between needing $3.5M upfront vs $500K. The 50-year amortization also significantly reduces monthly mortgage payments, improving DSCR.
How to Apply for CMHC MLI Select
MLI Select applications go through CMHC-approved lenders, not directly through CMHC. Working with a commercial mortgage broker experienced in CMHC submissions is strongly recommended for first-time applicants.
Work with a CMHC-Approved Lender
Most Schedule A and B banks, credit unions, and mortgage investment corporations are CMHC-approved lenders. A commercial mortgage broker can identify the right lender for your project's size and structure.
Property Assessment & Scoring
The lender and/or CMHC assesses your property against the MLI Select scoring criteria — affordability, accessibility, and climate compatibility. Your broker will help optimize your score to maximize terms.
CMHC Underwriting (60–90 Days)
CMHC reviews the application, appraisal, environmental assessment, and scoring documentation. This takes 60–90 days in addition to the lender's own underwriting. Timeline management is critical.
CMHC Approval & Insurance Commitment
CMHC issues a commitment letter confirming the insurance terms. The CMHC premium (typically 0.25–2.75% of the insured loan) is added to the mortgage balance.
Funding & Registration
The lender funds the mortgage with CMHC insurance in place. Title registration occurs with the lender as first mortgagee.
Important: Working with a commercial mortgage broker experienced in CMHC submissions is essentially required for first-time applicants. The documentation requirements, scoring optimization, and timeline management are complex — an experienced broker pays for themselves many times over.
CMHC MLI Select by Province
MLI Select is available nationwide, but market context varies significantly by province.
High land costs and severe housing shortage make MLI Select particularly impactful. Toronto and Ottawa are the most active markets.
Vancouver's extreme land costs make 95% LTV essentially necessary for purpose-built rental development to pencil. Most active province for MLI Select.
Growing population and no land transfer tax make Alberta an attractive MLI Select market. Calgary and Edmonton are both active.
Montreal's growing housing demand and more affordable land costs make MLI Select particularly attractive for apartment development.
CMHC MLI Select — Frequently Asked Questions
Detailed answers to common MLI Select questions.
Get MLI Select Financing
Connect with a commercial mortgage broker who specialises in CMHC MLI Select. Free consultation — we'll assess your property's potential score and outline your options.