What is CMHC MLI Select financing and how does it apply to buying a multi-unit rental property?

CMHC MLI Select is a mortgage loan insurance program aimed at larger multi-unit rental buildings, generally used for financing purpose-built rental properties rather than the owner-occupied one-to-four-unit properties covered by CMHC's standard homeowner mortgage insurance. It is structured to reward certain features, such as energy efficiency or affordability commitments, with more favourable financing terms, making it a specialized tool for investors and developers of larger rental buildings rather than a typical small residential purchase.

Because this program has its own specific eligibility criteria, application process, and underlying requirements that are distinct from the standard homeowner insurance rules, and because those details can change, this is not something to assume you understand from general knowledge of residential mortgage insurance. If you are considering a multi-unit rental purchase where this program might apply, speak with a mortgage professional experienced in multi-unit and commercial-style financing early in your planning, since the program's requirements will shape both what properties qualify and how the deal should be structured from the outset.