CMHC Policy Updates & Program Changes

The Bank of Canada held its overnight rate at 2.25% on March 18, 2026 — unchanged since October 2025. CPI inflation at 1.8% with the next announcement on April 29, 2026. Stable rates continue to support multi-family deal economics.

CMHC refreshed MLI Select criteria with a transition period through September 30, 2026 for projects qualified under prior rules. Pipeline deals should confirm with their lender whether they're locked to prior or refreshed points thresholds and amortization eligibility.

Energy-efficiency scoring transitions to 2020 National Energy Code for Buildings and National Building Code baselines. Projects commenced before September 30, 2026 can continue scoring against the older baseline during the grace period.

CMHC reinforced the lender-first rule: lenders must fund at least 80% of approved loans and Certificate of Insurance transfers between lenders are restricted mid-approval — closing remaining loopholes in CoI shopping.

CMHC confirms the minimum 50-point threshold for MLI Select remains in effect. Investors can earn points through affordability commitments, energy efficiency upgrades, and accessibility features to unlock up to 95% LTV financing.

CMHC issued updated guidance on rental achievement documentation requirements. All rents must be supported by signed leases or market appraisals prior to mortgage close—no projected rents during lease-up periods.

CMHC officially confirms that investors achieving 100+ affordability points on MLI Select can access 50-year amortization periods. This reduces debt service requirements and maximizes cash flow for multi-family investors.

CMHC announced a $55 billion total ACLP allocation (up from $40B), extended to 2031-32. As of early 2025, $23.35B committed supporting 59,000+ rental homes. Now includes student housing and independent seniors housing.

CMHC introduced risk-based pricing for MLI Select premiums. New surcharges of 0.25% per 5-year amortization increment above 25 years — a 50-year amortization now adds a 1.25% surcharge. Energy efficiency alone can no longer reach 100 points; must combine pathways. Significant impact on deal economics for high-leverage, long-amortization deals.

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

Only approved lenders can submit to CMHC directly and must fund at least 80% of approved loans. Borrowers must select a lender before CMHC approval — ending the era of shopping Certificates of Insurance across multiple lenders for the best rate.

Effective December 15, 2024: insured mortgage price cap raised from $1M to $1.5M, and 30-year insured amortization expanded to all first-time buyers (new builds and resale) plus all new-build buyers. The boldest mortgage reforms in decades.