Have you ever looked at your apartment building. Wondered if you could get better loan terms than the ones you signed years ago? I have been in that spot. The good news is that MLI Select refinancing existing buildings is not a dream, it is one of the smartest moves you can make as a multi-family investor in 2026. Many owners think the CMHC MLI Select program is for new buildings. That is not true all. CMHC built MLI Select to help with building construction buying buildings or MLI Select refinancing existing buildings.
In this guide I will show you how MLI Select refinancing existing buildings works what you need to qualify and why you should watch out for the September 30 2026 energy deadline.
Can You Really Refinance an Existing Building with MLI Select?
Let me answer the question you are probably thinking now: yes you really can. MLI Select refinancing existing buildings is an popular way for multi-family owners in Canada to manage their properties. This program works for builds buying buildings and MLI Select refinancing existing buildings. The program also supports the refinancing of existing properties.
If you have a loan on an apartment building right now you can move that loan into an MLI Select insured mortgage if your property meets the rules. The main thing to remember is that you must apply for a CMHC-insured loan through a refinance. You cannot just change your mortgage to MLI Select terms without doing a full refinance.
This part is important. MLI Select refinancing existing buildings means you have to go through the application process with a lender just like when you buy a new place.. Once you get the green light the perks are huge. You can get up to 95% loan-to-value pay the loan over up to 50 years and get discounts on premiums of up to 30%.
What Properties Qualify for MLI Select Refinancing?
The point system is where MLI Select refinancing existing buildings gets interesting. Since you are not building from scratch you cannot change everything. You have to work with what you have like the walls, the pipes and the layout of the building.
Affordability Points: The Primary Lever
Affordability is often the way to get points for existing buildings. You do not have to change the building all. You just have to promise to rent a number of units at or below the rent levels set by CMHC for the Calgary CMA for at least 10 years. Here is how it works: if 40% of units are at 30% of the renter income you get 50 points. If it is 60% you get 70 points. If it is 80% you get 100 points. If you commit to 20 years of affordability you get more bonus points.
The great thing about MLI Select refinancing existing buildings is that you can plan this around when tenants move out naturally. This way you do not have to kick anyone out. If your building already has some units you can just officially commit to them.
Energy Efficiency Points: Retrofit Pathways
You earn energy efficiency points for existing buildings by showing that you reduced energy use compared to how much you used. CMHC needs an energy auditor to check your starting point and your goals.
The cheapest ways to upgrade existing family buildings usually involve things like swapping old gas boilers for new efficient ones putting LED lights in halls sealing air leaks or adding smart thermostats. These upgrades usually cost between $1,500 and $2,500 per unit. You can earn points at three levels: a 15% drop in energy gets 20 points a 25% drop gets 35 points. A 40% drop gets the full 50 points.
Accessibility Points: Retrofit Feasibility
Making an existing building can be easy or very hard depending on how old the building is and how it was built. Easy jobs include adding parking, automatic door openers or better signs. Medium jobs include adding grab bars in bathrooms or widening doors if the walls are easy to move. These upgrades can cost between $5,000 and $15,000 per unit.
The September 30 2026 Deadline: What You Need to Know
There is a date that every investor needs to remember. On November 28 2025 CMHC changed some rules for the MLI Select program. There is a transition period that lasts until September 30 2026. Until that day CMHC will let you use the energy rules or the new 2020 codes. After that date you must use the 2020 codes.
The new 2020 codes are much stricter. A project that easily gets 50 points using the rules might only get 35 points under the new ones. This gives you a window of time. If your building can get points using the easier rules you should lock that in before the deadline hits.
The Refinancing Process
So what does the actual work look like for MLI Select refinancing existing buildings? First find a lender that knows how to do MLI Select financing. Then make a plan to get your points. Find the way to hit 50 points, usually that starts with affordability, then energy, then accessibility. Next write everything down. For energy you will need an auditor. For affordability you will need to show your rent plans. Finally send it to your lender. It usually takes about 60 to 90 days to get approved. Once you are approved you get all the benefits.
MLI Select refinancing existing buildings is a way for owners to get better loan terms lower their monthly bills and find more cash for other deals. With up to 95% LTV 50-year terms and big discounts on premiums this program can change how your building makes money. The September 30 2026 deadline means you should act fast. If your building fits the energy rules you can get those points easily. Without energy upgrades just promising lower rents can get you 50 points. Your building might be able to get better terms than you think. It is time to look at it again.
Frequently Asked Questions (FAQs)
Yes. MLI Select refinancing existing buildings works for buildings with 5 units or more. You can turn a loan into an MLI Select insured mortgage if you qualify.
The building needs 5+ units. Must be at least 85% full for 90 days. You also cannot have than 30% of the building used for non-residential space. You must also get least 50 points in affordability, energy or accessibility.
Affordability is usually the way to get points for existing buildings. You do not have to fix anything you just have to promise to keep some rents low.
Common ways to get points include getting efficient boilers using LED lights sealing up air leaks or using smart thermostats.
After September 30 2026 CMHC will stop using the energy standards. You will have to follow the tougher 2020 codes after that.
On a $5 million project getting 100+ points can save you, about $50,000 on insurance costs. A 50-year loan term could also lower your payments by about $8,200.
Co-Founder & Director
Hafil Perincheeri is an engineer-turned-realtor, investor, and builder based in Calgary, Canada. As Co-Founder and Director of Greencasa, he specializes in home flips, property development, and investment strategies. Since 2019, he has guided clients in home buying, multifamily investing, and financing options like CMHC and MLI Select, ensuring transparent, informed decisions.