Approximately 30% of Canadians rely on rental housing to meet their housing needs.
CMHC offers both funding opportunities and mortgage loan insurance products to support the construction, purchase and refinancing of rental properties.
COVID-19: Refocusing Multi-Unit Market Refinance to Support Investments in Housing
We are implementing a new restriction on use of funds as a condition of insurance for market refinance loans. The restriction ensures investments focus on the supply and preservation of multi-unit residential housing in the immediate term.
Effective immediately, refinance proceeds must be used for a permitted purpose in relation to residential housing.
This could include one or more of the following:
- capital repairs/improvements (including for increased energy efficiency and accessibility), or
- securing permanent financing (take-out financing to pay off a short-term construction loan).
Certain other uses may be permitted on a case-by-case basis; however equity take-out or distributions to equity holders will not be permitted.
If you have questions, please call: 1-877-MULTI-GO (1-877-685-8446).