MLI Select 101: How to Qualify for CMHC’s Most Powerful Apartment Building Program

Jun 19

Thinking about building or buying an apartment building in Alberta? If you’re an investor, builder, or developer, there’s one program you absolutely need to know: MLI Select from CMHC.

Renee Huse, founder of Spire Mortgage Team in Alberta, helps local clients use MLI Select to get better mortgage rates, longer repayment terms, and higher loan amounts on rental buildings. As Alberta’s best mortgage broker, Renee knows how to make this complex program work in real life — and this blog is your starter guide.

If you're looking for a broader overview of your financing options for apartment buildings, check out our full guide on Multifamily Financing in Alberta.

What is MLI Select?

MLI Select is a mortgage insurance program from CMHC (Canada Mortgage and Housing Corporation). It’s designed to support rental apartment buildings that are good for the community — buildings that are affordable, energy-efficient, or accessible.

Why it matters? When you qualify, you can:

Borrow more money (up to 95% of the building’s value)
Get longer repayment terms (up to 50 years)
Save on interest with better rates

This helps you lower your monthly payments and keep more cash in your pocket — especially useful if you’re investing in cities like Calgary, Edmonton, or Lethbridge where rental demand is strong.

How the Points System Works

To get into MLI Select, your building has to earn at least 50 points in one or more of these areas:

1. Affordability

You earn points if you keep rent below average. For example:

Rent some units for less than the average market rent

2. Energy Efficiency

You earn points by building or upgrading to use less energy. For example:

Better insulation, efficient heating, or green building certifications

3. Accessibility

You earn points by making your building easier to use for people with disabilities. For example:

Adding ramps, elevators, or wider doorways

The higher your score, the better the deal. If you score 76 points or more, you unlock the best benefits — like a 50-year mortgage term and very low insurance costs.

What You Need to Qualify

You can apply for MLI Select if:

You have a rental building with 5 or more units
You plan to rent to tenants (not sell as condos)
Your building earns at least 50 points
You’re building new or upgrading an existing rental in Alberta

You'll also need a few technical documents like a building appraisal and an energy report, but that’s something Spire Mortgage helps coordinate for you.

Case Study: 12-Plex in Calgary

Meet Lisa and Arjun, two investors in Calgary who built a 12-unit apartment in Forest Lawn. At first, they went to a regular bank and got approved for:

75% loan-to-value (they had to pay 25% upfront)
6.2% mortgage rate
25-year repayment term

The Game-Changer:
They came to Spire Mortgage to see if MLI Select could help.

They agreed to rent half the units below market → earned 30 points
Upgraded insulation and windows → earned 26 points
Made 2 ground-floor units fully wheelchair-friendly → earned 20 points

Total: 76 Points → That qualified them for:

95% loan (only 5% down)
4.34% mortgage rate
50-year amortization

Now they have more cash each month, needed less upfront money, and are already planning their next project.

“Spire showed us that this wasn’t just a loan — it was a full strategy,” said Lisa. “Now we’re thinking long-term.”

Timelines and Common Mistakes

Getting approved usually takes 2 to 4 months, depending on how fast documents come together.

Here’s where people often run into problems:

They apply too late (MLI Select works best when used before construction starts)
They assume green features = automatic approval (you need the right certifications)
They skip the rent calculations or misread CMHC's data
They try to do it alone — but MLI Select is not a DIY project

Working with Spire means we guide you from start to finish, so none of these issues become deal-breakers.

Glossary

MLI Select – A CMHC mortgage program that rewards rental buildings with good community features
Affordability – Rents that are cheaper than the market average
Energy Efficiency – Buildings that use less energy to heat, cool, and operate
Accessibility – Features that help people with disabilities use the building
Loan-to-Value (LTV) – The percentage of the building’s value you’re borrowing
Amortization – How many years you’ll take to pay back the mortgage
Appraisal – A professional estimate of your building’s value
Purpose-Built Rental – A building made to rent, not to sell as condos
Green Building Certification – Proof your building is energy efficient (e.g., EnerGuide, Net-Zero Ready)
Visitability – Basic access for people with limited mobility (like no-step entrances)

FAQs

Is MLI Select just for new builds?
No — you can also use it to refinance or renovate existing apartment buildings.

What’s the minimum number of units I need?
Five or more rental units.

Do I need to hit all three areas — affordability, energy, accessibility?
No, just enough total points from any of the three to reach 50+.

How long does approval take?
About 60–120 days, depending on the project.

Can I use this program for a fourplex or a condo conversion?
No — MLI Select is only for apartment buildings with 5+ units and permanent rentals.

Call-to-Action

Thinking about a rental building project in Alberta? Let’s see if MLI Select can help you do more with less. Give us a call or fill out an application at this link and our team will get in touch with you to start building a plan that suits you.

Written by Renee Huse, licensed mortgage broker and founder of Spire Mortgage. Renee helps Albertans make confident real estate decisions with smart financing strategies tailored to their goals. Learn more about Renee here.

Renee Huse