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CMHC multifamily NOI and loan sizing

Estimate the underwritten NOI on an apartment deal using CMHC's 2025-2026 operating-cost benchmarks for your region, then see what it could support.

The building
Parking, laundry, storage.
CMHC uses market data; estimate here.
Your actuals (CMHC uses real figures)
Fridge, stove, etc. ($60 each).
Financing
MLI Select can reach 95.
MLI Select can reach 50 years at the top points tier.
Estimated underwritten NOI
$0
Gross potential income$0
Less vacancy + bad debt$0
Effective gross income (EGI)$0
Taxes / insurance / utilities$0
Maintenance (PUPA)$0
Management (% EGI)$0
Salaries (PUPA)$0
Replacement reserve$0
Other (1% EGI)$0
Total operating expenses$0
Estimated maximum loan (lower of DSCR and LTV)
$0
Expense ratio-
Annual debt service supported$0
DSCR-limited loan$0
LTV-limited loan$0
Binding constraint-
CMHC benchmarks set the minimum expenses CMHC will underwrite; if your actuals are higher, CMHC uses the higher figure. Program caps and the CMHC premium still apply on top of this estimate. New builds: MLI Select energy scoring tightens Sept 30, 2026.
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For illustration only and not an offer of financing, a CMHC approval, or a guarantee of loan amount. Uses CMHC's published 2025-2026 operating-cost benchmarks for the region you select (Maintenance and Salaries per unit per annum; Management and Other as a percent of EGI; Replacement Reserve per appliance), which are minimums; CMHC underwrites on the greater of benchmark or actual and applies its own vacancy, market rents, appraisal, and program criteria. Loan sizing assumes Canadian semi-annual compounding and a DSCR test. Re-verify current benchmarks and MLI Select terms with us. TMG HarbourTown Mortgage Inc., Licence #3000145.

What these numbers mean

Plain-language definitions and the typical ranges, so you can play with the inputs with confidence.

Region and building type
CMHC publishes operating-cost benchmarks that vary by region (Atlantic, Quebec, Ontario, Prairies and Territories, British Columbia) and by construction (wood frame by size, or concrete). These set the maintenance, salaries, management, and reserve figures the tool applies.
Typical: concrete carries higher maintenance benchmarks than wood frame; the figures here reflect CMHC's 2025-2026 schedule.
Units, rent, and other income
Units times average monthly rent times twelve, plus other income (parking, laundry, storage), gives gross potential income. This is the top of the NOI build.
Typical: CMHC tests rents against its own market data, so use sustainable in-place rents rather than aspirational ones.
Vacancy and bad debt
A deduction from gross income for empty units and uncollected rent, leaving effective gross income (EGI). CMHC applies its own vacancy from market data; the figure here is your estimate.
Typical: a few percent in tighter markets, higher where vacancy runs up; CMHC's number may differ from yours.
Your actuals (taxes, insurance, utilities, appliances)
Real costs you supply. CMHC underwrites on the greater of its benchmark or your actual, so if your real costs are higher, the higher number is used and NOI falls.
Typical: replacement reserve runs about $60 per appliance per unit in CMHC's schedule.
Underwritten NOI and expense ratio
EGI less total operating expenses (your actuals plus the benchmarked items). The expense ratio is opex as a percent of EGI, a quick health check on the operating model.
Typical: well-run apartment buildings often run operating expenses in the range of roughly 35 to 50 percent of EGI, asset and market dependent.
Target DSCR
NOI divided by annual mortgage payments, the income cushion above the payment. MLI Select can run as low as around 1.10; conventional sits higher. A lower DSCR supports a larger loan from the same NOI.
Typical: around 1.10 under MLI Select; 1.20 to 1.30 conventional.
Rate, amortization, value, and max LTV / LTC
The rate prices the debt; amortization spreads the payment; the LTV or loan-to-cost cap limits the loan to a percent of value or cost. The loan shown is the lower of what the income supports (DSCR) and what the cap allows.
Typical: MLI Select can reach up to 95 percent and amortization up to 50 years at the top points tier; new-construction energy scoring tightens Sept 30, 2026.
CMHC MLI Select points
Not entered here, but the program rewards points from affordability, energy efficiency, and accessibility with better terms: 50 points (up to 40-year amortization), 70 points (up to 45 years), 100 points (up to 50 years), with premium discounts that rise by tier.
Typical: the premium and final terms depend on the points tier you reach, which we model with you.
These are general ranges, not your numbers. The right figure depends on your situation, the property, and the lender. Talk to us and we will pin it down.