CMHC’s MLI Select program has reshaped multi-family financing in Canada. Here is a clear explanation of what it is and why apartment investors and developers in Ontario use it.
What MLI Select is
MLI Select is CMHC’s flagship multi-unit mortgage insurance product for residential rental properties of five or more units. By insuring the loan, CMHC lets lenders offer more favourable financing than conventional commercial mortgages.
How the points system works
MLI Select awards points for commitments to affordability, energy efficiency and accessibility. The more points a project earns, the greater the benefits — higher leverage and longer amortizations — which can dramatically improve a deal’s economics.
The key benefits
Qualifying projects can access high loan-to-value (up to 95% on strong applications), extended amortization periods, and competitive insured rates — all of which lower the equity required and boost cash flow.
Who should consider it
MLI Select suits investors and developers acquiring, refinancing or building rental apartments who can meet the program’s criteria. Structuring an application to maximize points is specialized work where experienced guidance pays off.
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