Mortgage Loan Insurance: Single Room Occupancy
CMHC mortgage insurance offers flexible tools to build, buy or refinance single private rooms in multiple tenant buildings. Co-living* is eligible for Multi-Unit Mortgage Loan Insurance. Financing options available include:
- higher loan-to-value ratios
- loan advances up to 75% of the lending value during construction
- lower debt coverage ratios
- preferred interest rates
- amortization periods up to 40 years
*Co-living is a form of shelter where tenants share common amenities such as cooking and laundry facilities, while maintaining private sleeping quarters, some containing separate ensuites. The shelter model appeals to singles, young professionals, seniors, and others seeking urban living and a sense of community at a relatively affordable cost.