MCAP Blog

We’re supporting the project with a CMHC-insured first mortgage to facilitate the construction financing of Harris Green Village under CMHC’s MLI Select Program. This program rewards projects that prioritize affordability, accessibility, and energy efficiency — all values that are central to this development.

If you’ve invested in a multi-unit property or are interested in doing so, you may have heard of Canada Mortgage and Housing Corporation’s (CMHC) change to multi-unit applications. CMHC now requires that all multi-unit applications for term loan applications include an appraisal, whereas previously this requirement only applied to properties with less than 25 units.

On November 15, 2024, the Canada Mortgage and Housing Corporation (CMHC) implemented changes to its multi-residential construction financing program requirements, to areas such as appraisals, accessibility criteria and environmental site contamination polices, to name a few. Another area that received an update and may be of particular interest to borrowers, developers and investors is construction bonding. In this blog, we’ll explain what construction bonding is, the new requirements and what this means for borrowers.

For those in construction development, whether a small-scale build or a large-scale project, it is important to understand the significance of construction liens and the role of holdbacks. Ensuring everyone involved in a project is paid promptly is an integral part of a successful project which is why it’s important to know how these two aspects come into play.

As the lending landscape in Canada continues to evolve, it’s important for borrowers to stay informed of any changes in the Canada Mortgage and Housing Corporation’s (CMHC) application requirements to avoid delays or issues with their applications. Last fall, the CMHC announced changes to their multi-unit applications that will impact those applying for funding. One of those changes relates to the submission of operating cost invoices. Let’s take a look at what this change means and how it will affect multi-unit applications going forward.