Research
Methodology
How the quarterly monitor and the standard underwrite are built, and what they do not claim.
Version 1.0, September 2026
The standard underwrite
A fixed reference case shows how the model behaves: new purpose-built rental financed under CMHC MLI Select with a 50-year amortization and the premium financed into the loan, a full operating expense schedule including management and a replacement reserve, and rents by unit type at or below CMHC zone rents. The reference case is held constant so that changes in the output reflect changes in inputs, not changes in the example. Every mandate is underwritten on its own building, unit mix and terms.
Rate input
The takeout rate is stated as the Canada Mortgage Bond 5-year yield plus a spread assumption disclosed in each issue. The spread is calibrated against lender quotes received in the quarter and is stated as an assumption; individual lender terms are confidential and are not published.
Market inputs
Vacancy and average rents come from CMHC's Rental Market Survey for the census metropolitan area and zones of each tracked market, cited with the survey month. Population and migration come from Statistics Canada. Government bond yields come from the Bank of Canada.
Confidentiality
Client mandates and transaction-level data are confidential and are never published. Where the series reports market medians, they are computed from public sources and stated with their survey dates.
Versioning
Each issue has a permanent URL and is not edited after publication; corrections are appended with a date. The methodology carries a version number and a change log on this page.
What the series does not claim
It does not forecast rents, rates or values. It does not recommend any project. Pro forma figures are illustrative; every buyer must complete independent due diligence with counsel, an accountant and, where applicable, professionals licensed in the property's province.