This calculator tests whether a purpose-built rental project works with CMHC MLI Select financing. MLI Select is CMHC's insured loan program that trades affordability, accessibility and energy-efficiency commitments for cheaper, longer and larger loans. Work through the steps below, then use the glossary whenever a term is unfamiliar.
Plain-English definitions of the terms, abbreviations and acronyms used in this tool.
What you're building and where: units, sizes, rents, affordable units, parking, vacancy
Per-unit-per-annum costs plus management & misc. as % of EGR
Land, hard & soft costs, contingencies (before financing)
Affordability (from your unit mix), accessibility & energy → premium, leverage, amortization
Interest reserve & lender fees — solved iteratively against the loan
Loan = lesser of DSCR, LTC and LTV limits · Canadian semi-annual compounding
Inflation, holding period, exit cap rate, selling costs
Same building, market rents, uninsured lender terms
Seven single-purpose tools for quick questions before you build a full pro forma. Each one stands alone. Click Use my pro forma numbers to fill them from your current deal. All loan math uses Canadian semi-annual compounding, and premiums follow CMHC's current schedule.
A lender- and investor-ready summary of everything in this calculator: the financing request, MLI Select commitments, sources and uses, operating statement, loan sizing, cash flow, returns, sensitivity analysis and risks. It updates as you change the pro forma. Add the details below, review the generated risks, then print it or save it as a PDF.
One row per year, from construction until the insured loan is paid off. Returns (IRR, equity multiple) use your hold period: the sale is booked at the end of the hold on forward-year NOI at the exit cap. Years after the hold show how the property would perform if you kept it.
To count as affordable under MLI Select, a unit's rent must be at or below 30% of the median renter household income for its market. The table shows the rent cap for every CMHC market in the reference calculator. The last column compares the cap with the average market rent in your current pro forma. That gap is what each affordable unit gives up per month.
Every calculation in this tool and where it came from. Bracketed cell references such as [M13] point to the CMHC Proforma sheet of the source development pro forma template.