CMHC policy change tracker.

Risk-based LTV-tiered pricing replaced flat MLI Select premiums. Amortization surcharges (+0.25% per 5 years beyond 25) now apply to MLI Select for the first time. A 100-point project at 95% LTV / 50-year amort now pays ~5.18% vs. the previous flat ~2.55%. Every pro forma written before July 2025 needs re-running.

Appraisals now required on all applications regardless of size. Bonding now generally required on construction loans (50% labour & material + 50% performance, alternatives at ≥10% of hard costs). Rental achievement holdbacks introduced for MLI Select. Added roughly $15–30K in application cost and 1–2 weeks to timelines.

Only approved lenders can submit applications to CMHC directly. Lenders must fund at least 80% of approved loans — preventing speculative use. Borrowers must now select a lender BEFORE obtaining CMHC approval. Ended the era of 'shopping a CoI' across multiple lenders for the best rate.

Energy-efficiency scoring transitions to the 2020 National Energy Code for Buildings and National Building Code baselines. Grace period to September 30, 2026 — projects commenced before that date can continue to score against the older baseline.

Reinforces and extends the September 2024 lender-first rule. Lenders must fund ≥80% of approved loans, and Certificate of Insurance transfers between lenders are now restricted mid-approval. Effectively closes the remaining loopholes in 'CoI shopping' — borrowers must commit to a lender early and stay committed through funding.

CMHC issued a refresh of the MLI Select program criteria with a transition period running to September 30, 2026 for projects qualified under prior criteria. Pipeline projects already in underwriting should confirm with their lender whether they're locked to the prior or refreshed criteria — the difference affects points thresholds and amortization eligibility.

The direct rationale for CMHC's July 14, 2025 premium overhaul. OSFI's Mortgage Insurer Capital Adequacy Test (MICAT) increases capital requirements against higher-LTV, longer-amortization insured loans — which is exactly why the premium grid is now LTV-tiered and amortization-surcharged. Future premium tweaks will continue to track MICAT capital charges.

First-time buyer GST relief on new homes ≤$1M and a 14% lowest federal tax bracket. Not directly a multi-unit measure, but signals continuing federal housing policy momentum through 2026 and a willingness to deploy GST as a housing-supply lever — relevant context for anyone modeling further rental-side GST moves in the next budget cycle.