Mortgage loan insurance: single room occupancy

Our flexibilities are available for first, second and pari passu mortgages on any eligible single room occupancy project. To be eligible, your project must:

• have at least 5 units of short- or long-term housing
• provide single private rooms in a multiple tenant building
• offer access to shared bathrooms (and sometimes a shared kitchen)
• be at least 70% residential in terms of both floor area and the total loan value
• have a maximum loan-to-value ratio of 85%
• not be subject to any prohibition under the Prohibition on the Purchase of Residential Property by Non-Canadians Act

In addition, the borrower or co-borrower must have: 

• proven competence in single room occupancy projects
• 5+ years’ experience with a similar property (or a property management firm with this record)
• a net worth of at least 25% of the value of the loan
• the capacity to cover a full year at 100% vacancy (for new construction)
• the ability to guarantee 100% of the loan until you have 12 consecutive months of stable rents

For applications received after March 7, 2022, please refer to the energy efficiency incentives available through our MLI Select product.

For applications received prior to March 7, 2022 borrowers with energy efficient projects may qualify for a 10-15% refund on their loan insurance premiums. For more information, please contact one of our Client Relationship Managers.

For more details about our mortgage insurance tools, including:

• types of housing
• eligibility requirements
• application fees and premiums
• required documentation
• replacement of covenant
• Multi-unit insurance servicing
• and funding opportunities

You can:

• fill out a Certificate of Insurance — application form (PDF) **Important: To use this interactive PDF, right click (Ctrl + click on Mac) the link to save the file, and then open it in Adobe Acrobat.
• contact one of our Client Relationship Managers