CMHC mortgage insurance offers flexible tools to build, buy or refinance
single private rooms in multiple tenant buildings. Co-living* is eligible for
Multi-Unit Mortgage Loan Insurance. Financing options available include:
higher loan-to-value ratios
loan advances up to 75% of the lending value during construction
lower debt coverage ratios
preferred interest rates
amortization periods up to 40 years for existing properties and 50 years for new construction
*Co-living is a form of shelter where tenants share common amenities such as
cooking and laundry facilities, while maintaining private sleeping quarters,
some containing separate ensuites. The shelter model appeals to singles, young
professionals, seniors, and others seeking urban living and a sense of
community at a relatively affordable cost.
Our flexibilities are available for first, second and pari passu mortgages on any eligible single room occupancy project. To be eligible, your project must:
have at least 5 units of short- or long-term housing
provide single private rooms in a multiple tenant building
offer access to shared bathrooms (and sometimes a shared kitchen)
be at least 70% residential in terms of both floor area and the total loan value
have a maximum loan-to-value ratio of 85%
not be subject to any prohibition under the Prohibition on the Purchase of Residential Property by Non-Canadians Act
In addition, the borrower or co-borrower must have:
proven competence in single room occupancy projects
5+ years’ experience with a similar property (or a property management firm with this record)
a net worth of at least 25% of the value of the loan
the capacity to cover a full year at 100% vacancy (for new construction)
the ability to guarantee 100% of the loan until you have 12 consecutive months of stable rents
Energy-efficient refunds
For applications received after March 7, 2022, please refer to the energy efficiency incentives available through our MLI Select product.
For applications received prior to March 7, 2022 borrowers with energy efficient projects may qualify for a 10-15% refund on their loan insurance premiums. For more information, please contact one of our Client Relationship Managers.
Find out more
For more details about our mortgage insurance tools, including:
fill out a Certificate of Insurance — application form (PDF) **Important: To use this interactive PDF, right click (Ctrl + click on Mac) the link to save the file, and then open it in Adobe Acrobat.
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