Canada — Rental Markets
Click any city pin to see its detail below. Data refreshed quarterly. Montreal carries richer neighborhood-level data (liv.rent + Urbanation); other cities show CMHC metro-level averages until Quint or the refresh task populates detail.
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Cap rate research for Montreal and other active markets. Updated as new deals are evaluated. Data sourced from broker OMs, CBRE/Colliers reports, and transaction comps.
Montreal — Multifamily
Cap Rates by Asset Class & Condition
| Segment | Cap Rate Range | Notes |
|---|---|---|
| Class A (post-2010, downtown) | 4.0–4.5% | Compressed — yield-seeking |
| Class B (1980–2010) | 4.5–5.5% | Stable; value-add potential |
| Class C (pre-1980, unrenovated) | 5.0–6.5% | Renovation risk priced in |
| Large portfolio (100+ units) | 4.25–5.0% | Liquidity premium |
| Boutique plex (2–6 units) | 4.5–6.0% | Owner-occ premium |
Source: Quint estimates · broker OMs · 2025–2026 Montreal market
Mixed-Use / Commercial Component
| Segment | Cap Rate |
|---|---|
| Mixed-use resi-dominant (<30% comm) | 4.5–5.5% |
| Mixed-use comm-dominant | 5.5–7.0% |
Estimated · verify per deal
Special Use / Seniors
Seniors Housing & SRO
| Segment | Cap Rate | Notes |
|---|---|---|
| RPA Cat. 1 (independent living) | 5.5–7.0% | Non-stabilized use risk |
| RPA Cat. 2 (light services) | 6.0–7.5% | Ops-dependent |
| Maison de chambres (SRO) | 6.0–8.0% | Legal/zoning risk premium |
Higher cap rates reflect legal use risk, operator dependency, and CMHC reclassification complexity. Notre-Dame Est (wc-h3buod) sits in this range until use is resolved.
Other Canadian Markets (Multifamily)
| Market | Class A | Class B/C |
|---|---|---|
| Toronto | 3.5–4.0% | 4.0–5.0% |
| Vancouver | 3.0–3.75% | 3.75–4.5% |
| Ottawa | 4.0–4.75% | 4.75–6.0% |
| Calgary | 4.25–5.0% | 5.0–6.5% |
Estimated from CBRE/Colliers H2-2025 reports
Cap rate data updated as new markets are added. Montreal data is most current — other markets are directional estimates. Ping Quint when evaluating a deal in a new market.
MLI Select — Points & Flexibilities
Existing Properties — What Points Unlock
| Points | Max LTV | Max Amort | Recourse |
|---|---|---|---|
| 50 pts | 85% | 40 years | Full |
| 70 pts | 95% | 45 years | Full |
| 100 pts | 95% | 50 years | Limited |
70 pts is the critical threshold — jumps LTV from 85% to 95%. 100 pts adds limited recourse and max amortization.
Source: CMHC MLI Select fact sheet (66792 20251029-008A)
Points — Affordability (Existing Buildings)
| Level | Points | Requirement |
|---|---|---|
| Level 1 | 50 pts | Min. 40% of units ≤ 30% of median renter income |
| Level 2 | 70 pts | Min. 60% of units ≤ 30% of median renter income |
| Level 3 | 100 pts | Min. 80% of units ≤ 30% of median renter income |
Bonus: +30 pts for affordability commitment of 20+ years (vs. minimum 10yr). Compliance required annually throughout commitment period.
Points — Energy Efficiency (Existing Buildings)
| Level | Points | Requirement |
|---|---|---|
| Level 1 | 20 pts | Min. 15% decrease over current baseline |
| Level 2 | 35 pts | Min. 25% decrease over current baseline |
| Level 3 | 50 pts | Min. 40% decrease over current baseline |
Unlike affordability, energy criteria does not require ongoing annual compliance — once achieved, commitment is fulfilled.
Points — Accessibility
| Level | Points | Requirement |
|---|---|---|
| Level 1 | 20 pts | Min. 15% accessible units (CSA B651:23) OR 15% universal design |
| Level 2 | 30 pts | 15% accessible + 85% universal design; OR 100% universal/accessible |
All levels require 100% visitability (CSA B651:23) for all units and barrier-free common areas.
Premium Schedule — Existing Properties
Standard Rental — Base Premiums (Purchase/Refi)
| LTV | Base Rate | At 50 pts (−10%) | At 100 pts (−30%) |
|---|---|---|---|
| ≤ 65% | 2.60% | 2.34% | 1.82% |
| ≤ 70% | 2.85% | 2.57% | 2.00% |
| ≤ 75% | 3.35% | 3.02% | 2.35% |
| ≤ 80% | 4.35% | 3.92% | 3.05% |
| ≤ 85% | 5.35% | 4.82% | 3.75% |
| ≤ 90% (MLI Select only) | 5.90% | 5.31% | 4.13% |
| > 90% (MLI Select only) | 6.15% | 5.54% | 4.31% |
Source: CMHC Multi-Unit Fees and Premiums (66798 20250513-002A)
Other Shelter Models — Base Premiums (SRO, Supportive, RPA)
| LTV | Base Rate | At 100 pts (−30%) |
|---|---|---|
| ≤ 65% | 6.30% | 4.41% |
| ≤ 75% | 6.90% | 4.83% |
| ≤ 85% | 7.75% | 5.43% |
| ≤ 90% | 8.00% | 5.60% |
| > 90% | 8.75% | 6.13% |
SRO/supportive classification adds ~2.4–3× premium vs standard rental at same LTV. Legal use classification is a critical underwriting decision.
Amortization Surcharge
| Amortization | Surcharge | Example (85% LTV, std, 100 pts) |
|---|---|---|
| 25 years | — | 3.75% |
| 30 years | +0.25% | 3.93% |
| 35 years | +0.50% | 4.10% |
| 40 years | +0.75% | 4.27% |
| 45 years | +1.00% | 4.45% |
| 50 years | +1.25% | 4.62% |
Surcharge applies before MLI Select discount. 0.25% per 5-year period beyond 25yr standard. Discount then applied to (base + surcharge).
Proforma model now auto-calculates this. Set MLI points in deal settings to activate.
Key Rules
| Item | Detail |
|---|---|
| Minimum DCR — standard rental | 1.10x |
| Minimum DCR — SRO / supportive / RPA | 1.20x |
| Minimum DCR — non-residential space | 1.40x |
| Min. project size (standard) | 5 units |
| Min. project size (retirement homes) | 50 units/beds |
| Non-residential component | Max 30% of GFA and 30% of lending value |
| Borrower experience | Min. 5 years managing similar multi-unit properties |
| Net worth requirement | Min. 25% of loan amount, min. $100K |
| Guarantee (purchase/refi) | 40% of outstanding loan amount |
| Application fee (up to 100 units) | $150/unit or $100/bed (max $50K) |
Source: CMHC MLI Select (66792 20251029-008A) + Fees sheet (66798 20250513-002A)