Max Goyzman - Apartment Financier

Changes to CMHC MLI Select Announced: 1) Restrictions on use of insured refinance proceeds have been removed. VTBs, Private loans, can all be repaid. Equity take outs are OK. 2) Enhanced flexibility for projects built in place of existing residential structures. (cont.)

@JShamess DCs waived?

Some positive news is finally coming to Toronto!

The Missing Middle Summit is two weeks away. Last year, we sold 122 tickets in the final two weeks. This year, we have far fewer than 122 tickets left before we sell out. If you're currently involved in missing middle housing development in Toronto, or would like to be, I recommend you get yours now. missingmiddlesummit.com

@MattSpoke 👀

Construction starting on this guy very soon.

@JShamess @Urbanation With all the condo completions today you think vacancy is still 3%? I think that’s old data, no?

@maxgoyzman @Urbanation Different for each because many new PBR in lease up phase. Condos ~3% and PBRs around 15% I believe

The lowest volume of condo sales in 35 years! In 12 months there will be 40% less completions for condos. The supply cliff is finally dropping off. Incredible visual from Urbanation today. In 2029 the supply for condos will effectively be zero.

@dancrosbyceo @AirCanada Via rail business class only way to go.

I don’t think I’ve ever flown out of Windsor without @AirCanada delaying my flight or canceling it and missing my connection in Toronto. That private jet is sounding good right about now 😭

@JShamess @steve5187 Primary reason to go CMHC construction now is to lock in terms for take out financing and mitigate risk of future changes to the program.

@steve5187 It was so overheated I believe they tried to force the market so slow @maxgoyzman likely has even more insight

Overheard in a residential developer boardroom: "CMHC MLI construction financing no longer makes sense, we along with all our partners and friends have to use bank construction financing" Translation: New fees & rules at CMCH destroyed the financial viability for Toronto ground up

@JShamess @danielfoch Can we share said intern?

@danielfoch I have an intern coming from UofT who tells me she's going to build me 10 agents lol

I think I've been living in the dark ages. I just got Claude Pro, and started working through a construction budget and effectively had a full working excel sheet in 1 hour of what would have taken me 2 days. The first month of pay was worth the first hour of work. You can start to understand how deflation creeps in.

@JShamess Way to go Jer!!

No one knows what this means outside of Colliers 😅 But it’s my 4th year in a row and what an absolute battle of a market. Let’s go 2026

@MattSpoke @donnelly_b I remember that venture. What ended up happening there?

The limiting factor is not technology. It's regulation. I was very close to this issue when I worked in the crypto space and sat on the Board of a company trying this (Willow Real Estate). They ultimately spent >$1m for OSC approval to fractionalize real estate ownership. Tokens don't add much value beyond that.

Who in Toronto is working on tokenizing real estate ownership?

@Bevans011 @danielfoch Not really. Nothing new here.

@danielfoch @maxgoyzman did anything change for MLI Select?

From a huge Toronto developer: “The federal government has once again rug pulled us all on MLI select”

CMHC Borrowers can switch from a min 10-yr term to a 5-yr term at conversion (after final advance) with no change to loan amount. This was creating friction on loans originated when 10-yr rates < than 5-yr. Deals were sized on 10yr rates, but today 5yr rates are 0.50% cheaper.

@CohenSite Simply the best!

I think the Ace Hotel Toronto might be the best architecture of the past five years It's architect, Shim-Sutcliffe, seems to mostly do single-family homes

CMHC CEO Coleen Volk acknowledges that regional adjustments to its multi family construction programs in markets where it’s less effective like Toronto and Vancouver is required. Further changes to CMHC programs in 2026 are expected.

Construction take out financing Watch out for requirements to lease up fully before CMHC authorizes the loan advance. Submit your applications with strong rent comps and don’t be overly aggressive or unrealistic with expectations.

@DLAlex93 Tough to scale any other way. And at 75% LTV and below, premiums aren’t that different either.

@maxgoyzman Think the new premiums will kill most deals?

5 years CMHC spreads seem like they’re stabilising after over 6 months of elevated pricing.

Looking for contractors and trades people in the Muskokas that are looking for some work. DM me 🙏

@Bevans011 @David_Reid96 Yes!

@David_Reid96 @maxgoyzman Thanks! If my understanding is correct then standard rates haven’t increased, Select has been raised to match Standard. Is that be accurate?

BREAKING: Increases to CMHC Premiums for Multi Family Loans Premiums increased at all LTV levels, with a discount available based on number of MLI Select points.

@danielfoch I’m in!

@maxgoyzman Wanna come on the pod and talk about this?