Multifamily Mortgage Rates Canada 2026
Apartment building financing — CMHC MLI from 4.50%, conventional 5.50–7.00%, private 8–14%. We compare 50+ lenders for your property.
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Canadian multifamily mortgage rates in 2026: CMHC MLI Standard 4.50–5.50%, CMHC MLI Select 4.25–5.25%, conventional bank 5.50–7.00%, credit union 4.75–6.25%, private/bridge 8.00–14.00%. Rates are priced off Government of Canada bond yields + lender spread — not the Bank of Canada prime rate. CMHC-insured financing saves ~$60,000–$70,000 per year on a $4M loan vs conventional.
4.50%
CMHC MLI Floor
4.25%
MLI Select Floor
$70K
CMHC Savings/yr ($4M)
1.10
CMHC Min DSCR
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Current Rates — April 2026
Multifamily Mortgage Rate Ranges
Rates move with 5-year GoC bond yields. Contact lendsimpl for live quotes on your specific property and deal structure.
CMHC MLI Standard
Lowest Rate4.50% – 5.50%
CMHC MLI Select
Best Leverage4.25% – 5.25%
Conventional Bank
No Premium5.50% – 7.00%
Credit Union
More Flexible4.75% – 6.25%
Private / Bridge
Fast Close8.00% – 14.00%
Rates are approximate and updated regularly. Exact pricing depends on property DSCR, LTV, location, borrower experience, and bond yield at time of lock.
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Tell us about your property and we will match you to the right lender and program.
All Multifamily Programs Compared
Rate, leverage, amortization, and ideal use case — side by side.
| Program | Rate Range | Max LTV | Max Amort. | Min DSCR | Best For |
|---|---|---|---|---|---|
| CMHC MLI Standard | 4.50–5.50% | 85% | 40 yrs | 1.10 | |
| CMHC MLI Select (100+ pts) | 4.25–5.25% | 95% | 50 yrs | 1.10 | |
| Conventional Bank | 5.50–7.00% | 75% | 25 yrs | 1.25 | |
| Credit Union | 4.75–6.25% | 80% | 30 yrs | 1.20 | |
| B-Lender / MIC | 6.50–10.00% | 75% | 25 yrs | 1.15 | |
| Private / Bridge | 8.00–14.00% | 70% | Interest-only | 1.00 |
The Mechanics
How Multifamily Rates Are Actually Priced
Multifamily mortgages are not driven by Bank of Canada rate decisions. They are priced off Government of Canada bond yields — the 5-year GoC bond for a 5-year mortgage term. When bond yields rise, your rate rises. When they fall, rates follow.
The Rate Formula
Multifamily Rate = GoC Bond Yield + Lender Spread
CMHC Spread: 100–200 bps — lowest (insured risk)
Conventional: 200–350 bps — moderate risk
Private: 500–1000+ bps — highest risk
Example: 5-yr GoC Bond = 2.50%
Why this matters for you
Bond yields can move opposite to Bank of Canada decisions. Monitor the 5-yr GoC bond — not rate announcements — to time your lock perfectly.
Why CMHC Wins
CMHC MLI — The Lowest Multifamily Rates in Canada
CMHC insurance transfers default risk to the federal government. Lenders price at dramatically tighter spreads — 100–200 bps below conventional, even before the extended amortization advantage.
CMHC MLI — $4M Property
5.00%
Conventional — $4M Property
6.50%
$25K
less interest per year
CMHC saves more than the premium costs
Despite the 4% insurance premium added to the loan, CMHC delivers ~$25,000/yr lower annual interest, $3,300/month lower payments, and $400K+ more leverage than conventional. The premium pays for itself in under 2 years.
MLI Select Point Tiers — Up to 87.5% Premium Discount
Points
100 – 199
Standard premiumPoints
200 – 249
37.5% reductionPoints
250+
87.5% reductionWhat Multifamily Investors Say
Kevin T.
Closed $2.1M multi-family financing in 3 weeks. lendsimpl structured the CMHC application and coordinated everything. Smooth from start to f…
Sarah L.
Acquired a 24-unit apartment building with CMHC insurance at 4.99%. lendsimpl handled the entire process and saved us over $40K in interest…
James W.
Our bank pulled out 2 weeks before closing. lendsimpl arranged private commercial financing and we closed on time. Absolute lifesavers.
Priya S.
Retail plaza refinance at 5.49% — saving us $22K per year. lendsimpl compared 8 lenders and found the best deal. Can't recommend enough.
Kevin T.
Closed $2.1M multi-family financing in 3 weeks. lendsimpl structured the CMHC application and coordinated everything. Smooth from start to f…
Sarah L.
Acquired a 24-unit apartment building with CMHC insurance at 4.99%. lendsimpl handled the entire process and saved us over $40K in interest…
James W.
Our bank pulled out 2 weeks before closing. lendsimpl arranged private commercial financing and we closed on time. Absolute lifesavers.
Priya S.
Retail plaza refinance at 5.49% — saving us $22K per year. lendsimpl compared 8 lenders and found the best deal. Can't recommend enough.
James W.
Our bank pulled out 2 weeks before closing. lendsimpl arranged private commercial financing and we closed on time. Absolute lifesavers.
Priya S.
Retail plaza refinance at 5.49% — saving us $22K per year. lendsimpl compared 8 lenders and found the best deal. Can't recommend enough.
Kevin T.
Closed $2.1M multi-family financing in 3 weeks. lendsimpl structured the CMHC application and coordinated everything. Smooth from start to f…
Sarah L.
Acquired a 24-unit apartment building with CMHC insurance at 4.99%. lendsimpl handled the entire process and saved us over $40K in interest…
James W.
Our bank pulled out 2 weeks before closing. lendsimpl arranged private commercial financing and we closed on time. Absolute lifesavers.
Priya S.
Retail plaza refinance at 5.49% — saving us $22K per year. lendsimpl compared 8 lenders and found the best deal. Can't recommend enough.
Kevin T.
Closed $2.1M multi-family financing in 3 weeks. lendsimpl structured the CMHC application and coordinated everything. Smooth from start to f…
Sarah L.
Acquired a 24-unit apartment building with CMHC insurance at 4.99%. lendsimpl handled the entire process and saved us over $40K in interest…
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Rate Drivers
7 Factors That Determine Your Exact Rate
Beyond the program type, every deal is priced individually. Understand and optimize these variables before you apply.
Loan-to-Value (LTV)
Lower LTV = lower risk = lower rate. CMHC compresses this by insuring default risk — so 85% LTV CMHC beats 75% LTV conventional.
Debt Service Coverage
DSCR = NOI ÷ Debt Service. CMHC wants ≥1.10. Banks want ≥1.25. Each 0.05 improvement can save 25+ basis points.
Occupancy & Stability
85%+ occupancy for 12+ months = stabilized = best rates. Value-add properties need private bridge financing first.
Location & Market
Toronto, Ottawa, Calgary, Vancouver: deeper rental markets = better rates. Purpose-built rental beats mixed-use.
Amortization Period
Longer amortization = slightly higher rate but lower payments. 4.75% / 40-yr often beats 4.50% / 25-yr on cash flow.
Borrower Experience
3+ acquisitions = better pricing. Net worth ≥20–30% of loan. Liquidity ≥10–15% of property value required.
Rate Term Selected
5-year terms: lower rate, most common. 7–10 year: 25–50 bps higher but payment certainty. Match your hold period.
Real Deal
$5M Multifamily Property — Rate Scenario
15-unit apartment, Ottawa, 95% occupancy, NOI $172,368. Three financing paths compared:
| Metric | CMHC MLI | Conventional | Private |
|---|---|---|---|
| Loan Amount | $4,250,000 | $3,750,000 | $3,000,000 |
| LTV | 85% | 75% | 60% |
| Down Payment | $750,000 | $1,250,000 | $2,000,000 |
| Rate | 5.00% | 6.50% | 10.00% |
| Amortization | 40 years | 25 years | Interest-only |
| Monthly Payment | ~$16,200 | ~$18,000 | ~$25,000 |
| Annual Interest | $212,500 | $243,750 | $300,000 |
What the numbers say
- CMHC saves $31,250/yr vs conventional and $87,500/yr vs private
- CMHC requires $500K less equity with $1,800/month lower payments
- Private bridge is purposeful: value-add now, refinance to CMHC after stabilization
Your Next Deal
Structure it right from the start
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Get My Rate Analysis Or call 416 299 6096Action Plan
8 Ways to Lock in the Best Multifamily Rate
Practical strategies that can save 25–75 basis points — $100K–$300K over a 5-year term on a $4M deal.
Expert Guidance
lendsimpl manages every step of your CMHC application
Shop Multiple Lenders via a Broker
Multifamily rates are negotiated, not posted. A broker submitting to 3–5 CMHC-approved lenders simultaneously creates competition that typically saves 25–75 basis points — $100K–$300K over a 5-year term on a $4M deal.
Prioritize CMHC for Stabilized Properties
If your property has 5+ units, 85%+ occupancy, and stable cash flow, CMHC almost always wins on total cost despite the insurance premium.
Maximize DSCR Before Applying
Raise below-market rents, fill vacancies, and reduce unnecessary operating expenses before submitting. Every 0.10 DSCR improvement can be worth 30–50 basis points.
Assess MLI Select Eligibility
If doing new construction or value-add improvements (energy efficiency, accessibility), calculate your MLI Select points. Hitting 100+ points unlocks premium discounts worth 25–50 bps in rate savings.
Monitor GoC Bond Yields
Multifamily rates move with GoC bond yields, not BoC rate decisions. Watch the 5-year GoC bond yield. If yields are trending up, lock earlier.
Lock Your Rate Early
In volatile rate environments, lock as soon as the lender offers a hold. CMHC commitment letters trigger rate lock availability at 6–10 weeks.
Prepare a Complete, Organized Package
Clean applications get faster approvals and better pricing. Prepare: rent roll, 2–3 years financials, environmental Phase 1, personal financial statement, experience summary.
Bring Stronger-Than-Minimum Equity
On conventional deals, 25–30% equity vs 20% minimum often unlocks slightly better pricing. On CMHC deals, extra liquidity (12–15% of property value in reserves) strengthens your application.
Property Types We Finance
Purpose-built rentals (5–500+ units)
CMHC MLI Standard — best rates available
New construction rental developments
MLI Select up to 95% LTV, 50-yr amort
Existing buildings (value-add)
Private bridge, then CMHC refinance
Student housing (5+ units)
Conventional or credit union programs
Mixed-use with 5+ residential units
Conventional or B-lender programs
Affordable / seniors housing
MLI Select with affordability points
Markets Across Canada
Ontario & Canada-wide
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FAQ
Multifamily Mortgage Rate FAQ
Everything investors ask about multifamily mortgage pricing in Canada.
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Why lendsimpl
Canada's Multifamily Mortgage Specialists
We work with 50+ CMHC-approved, institutional, and private lenders to structure the optimal financing for your apartment building — free brokerage service.
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What lendsimpl Does for Your Multifamily Deal
Compare 50+ lenders simultaneously — one application, multiple rate quotes
Structure CMHC MLI and MLI Select applications for maximum approval probability
Negotiate spreads directly with CMHC-approved lenders for sub-market pricing
Coordinate appraisals, Phase 1 environmental, and legal — end-to-end
Advise on DSCR optimization and deal structure before submission
Bridge private financing for value-add deals with a CMHC refinance roadmap
Related Resources
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lendsimpl compares CMHC MLI, conventional, and private lenders for your specific property. Tell us about your deal — we will structure the optimal financing free of charge.