Ottawa's government-backed economy, chronic housing shortage, and Canada's CMHC financing program create a structural advantage for multifamily investors. We're the local builder-operator that makes it happen.
Canada's national capital offers a combination of economic stability, supply scarcity, and regulatory advantage that is difficult to replicate in any other North American market.
The same project delivers dramatically different returns depending on how it's financed. Canada's CMHC mortgage insurance unlocks institutional-grade rates and amortization that multiply your equity returns while reducing the capital you need to commit.
| Financing Structure | Your Equity (% of project) |
Mortgage Rate |
DSCR | Cash-on-Cash (Year 1) |
5-Year Equity Multiple |
Est. 5-Year Annualized Return |
|---|---|---|---|---|---|---|
| All Cash (no leverage) | 90% | N/A | N/A | 6.1% | 1.34× | ~6% |
| 50% LTV Conventional | 45% | 5.25% | 1.52× | 4.1% | 1.49× | ~8% |
| 65% LTV Conv. Max | 31.5% | 5.50% | 1.14× | 2.1% | 1.59× | ~10% |
| 70% LTV CMHC | 27% | 4.00% | 1.55× | 7.2% | 1.67× | ~11% |
| 75% LTV CMHC | 22.5% | 3.75% | 1.51× | 8.1% | 1.76× | ~12% |
| 80% LTV CMHC | 18% | 3.50% | 1.47× | 9.6% | 1.91× | ~14% |
| 85% LTV CMHC+ | 13.5% | 3.50% | 1.51× | 13.7% | 2.10× | ~16% |
| 90% LTV Optimal | 9% | 3.50% | 1.43× | 18.2% | 2.53× | ~20% |
Returns modelled on a prototypical 80-unit Ottawa multifamily development: studio/1-bed/2-bed/3-bed mix averaging $2,038/mo, 5.45% NOI yield on cost, 4.75% exit cap, 3% annual rent growth, 5-year hold. Equity shown as percentage of project cost (includes 10% GP co-investment). CMHC scenarios assume MLI Select insured rates with 40–50 year amortization. Returns shown before GP promote; actual LP distributions reflect a 50/50 LP/GP split on profits above the preferred return, subject to partnership terms.
Canada's CMHC program is a sovereign-backed financing mechanism that most international investors have never encountered. Combined with Ottawa's fundamentals, it creates a compelling structural advantage.
Our engagement is structured so you receive expert guidance at every stage — and only commit capital when you're fully informed and confident.
A structured 90-minute session covering Ottawa fundamentals, regulatory and tax considerations for your jurisdiction, financing options, and a preliminary investment thesis matched to your goals.
A bespoke report with project-specific pro forma modelling, CMHC vs. conventional scenarios tailored to your capital, tax structuring recommendations, and a shortlist of live opportunities from our pipeline.
Full-scope due diligence — building condition assessment, environmental, lease audit, zoning, and CMHC pre-qualification — leveraging our construction expertise to identify risks others miss.
Capital deployment through a Karnak-led limited partnership. We manage entitlement, permitting, construction, lease-up, and stabilization — with aligned incentives through our co-investment and promote structure.
Long-term stewardship including quarterly reporting, capital planning, refinancing strategy, and disposition advisory. Every investor becomes a long-term partner in our portfolio.
Schedule a consultation and we'll model the scenarios using your specific project size, capital, and objectives. No commitment — just clarity.
Schedule Your ConsultationComplete the inquiry form and a member of our investor relations team will reach out within 48 hours to schedule your initial consultation.