CMHC for multi-family developers.
CMHC programs — especially MLI Select — fundamentally changed developer economics in 2022–2025. 95% loan-to-cost at construction, 50-year amortization at takeout, and recaptured equity at stabilization enable a capital recycling model that lets developers operate far more simultaneous projects with the same equity base.
This section covers the four questions every multi-family developer has to answer: which construction path to take, how the economics compare to conventional, what municipal incentives stack on top, and how provincial rent control affects the pro forma.
What every CMHC-financed project needs to get right.
The two paths to CMHC-insured construction: construction-to-term (single lender, CMHC insurance from day one) vs. completion takeout (conventional construction loan, CMHC refinance at stabilization). Bonding, drawdowns, and monitoring.
Why MLI Select transforms developer returns: 95% LTC at construction, 50-year amortization at takeout, equity recaptured at stabilization. 4× the cash-on-cash vs. conventional and capital recycling into more simultaneous projects.
Toronto's ~$97K/unit incentive package, Vancouver's DCL waivers and CHIP grants, Calgary's non-market tax exemption, Edmonton's AHIP, Ottawa's TIEGs, Montreal's SHQ match. Program-by-program stacking guidance with CMHC AHF/CHDP/Select.
Rent control and tenancy frameworks affecting CMHC projects. Ontario's 2018 new-construction exemption, BC's no-exemption regime, Alberta's no rent control, and Quebec's TAL 5-year new-construction window.