280,000 Apartment Retrofits: How Ontario Building Owners Can Qualify for New Federal Retrofit Financing
On October 8, 2026, Prime Minister Mark Carney announced a $2 billion plan to retrofit one million Canadian homes. For owners of apartment and multi-unit residential buildings, the headline is new financing to retrofit 280,000 units over the next eight years through Canada Mortgage and Housing Corporation and the Canada Infrastructure Bank.
This money comes with conditions. Unlike the new household heat pump rebate, which needs no energy audit, apartment building financing is tied to measured energy performance. Owners need a credible baseline before the work, a professional energy model of the savings and, for Canada Infrastructure Bank financing, independent verification that the savings are real. That is exactly where most buildings are unprepared, and where the opportunity lies.
Three federal programs for apartment building owners
Canada Mortgage and Housing Corporation’s Mortgage Loan Insurance Select program (up to 250,000 units). Mortgage loan insurance that rewards energy reductions of 15%, 25% or 40% against the building’s baseline. More points can unlock up to 95% loan-to-value, amortization of up to 40 or 50 years, lower insurance premiums, and renovation costs rolled into the insured loan. A professional energy audit and energy model by a qualified engineer or energy advisor is required.
Canada Infrastructure Bank Building Retrofits Initiative (30,000 units). Financing for retrofit capital costs, repaid from the energy and operating savings the project produces. Projects need the Canada Green Building Council’s Investor Ready Energy Efficiency certification, an independent check that the energy targets are met.
Deep Retrofit Accelerator Initiative (renewed). Support for building owners through every stage of a retrofit, from planning to completion.
Canada Mortgage and Housing Corporation has adjusted the Mortgage Loan Insurance Select scoring before, including cutting energy points, so confirm current thresholds with your lender before you plan around them.
Measurement and verification decides your financing
Every one of these programs rewards proven energy reduction. Your tier, your loan terms and, with the Canada Infrastructure Bank, your repayment all rest on numbers someone has to measure, model and stand behind. That makes measurement and verification the backbone of an apartment building retrofit:
A measured baseline. Utility bills alone hide where energy goes. Metered, system-level data shows the real starting point and makes the savings estimate credible.
A defensible energy model. The model sets your target tier, and a model built on real operating data stands up to lender and reviewer scrutiny.
Verified results. Canada Infrastructure Bank projects need independent Investor Ready Energy Efficiency certification and are repaid from savings, so continuous monitoring proves the savings are happening.
Savings that last. In occupied buildings, savings drift: overridden setpoints, failed sensors, short-cycling equipment. Live monitoring catches these problems before they erode your numbers or your tenants’ comfort.
Your retrofit roadmap: from baseline to verified savings
Benchmark the building. Install monitoring and collect metered data on heating, cooling, ventilation, domestic hot water and common-area loads.
Audit and model. A qualified energy audit and energy model identifies the measures and the reduction tier they can reach.
Choose the financing route. Match the project to Mortgage Loan Insurance Select, the Canada Infrastructure Bank Building Retrofits Initiative, or both, and assemble the application with your lender.
Design and tender the retrofit. Mechanical design, heat pump and ventilation upgrades, envelope improvements and controls, with competitive contractor quotes.
Measure and verify. Compare post-retrofit performance to the baseline, support independent certification, and report results to lenders.
Keep the savings. Ongoing monitoring and proactive maintenance alerts keep the building performing year after year.
Stack provincial and utility incentives
Federal financing can sit alongside other programs. Enbridge Gas multi-residential incentives cover up to 75% of upgrade costs (85% for affordable housing), with equipment due to be installed and submitted by October 31, 2026. Toronto owners can also use the City of Toronto’s High-Rise Retrofit Improvement Support program, low-cost financing repaid through the property tax bill. See all current programs on our Ontario commercial energy incentive programs page.
Why Next Level Consulting
Next Level Consulting is Ontario’s full-service energy consultant for builders, commercial properties and multi-unit buildings. We bring together everything these programs require under one roof: baseline monitoring, energy audits, energy modelling, mechanical design, contractor quotes, and measurement and verification after the retrofit. Your financing application rests on real data, and your savings stay verified long after the work is done.
Frequently asked questions
What financing is available for apartment building retrofits?
The federal plan targets 280,000 units: up to 250,000 through Canada Mortgage and Housing Corporation’s Mortgage Loan Insurance Select program and 30,000 through the Canada Infrastructure Bank’s Building Retrofits Initiative. The renewed Deep Retrofit Accelerator Initiative supports owners through each stage.
Do I need an energy audit for apartment building retrofit financing?
Yes. Mortgage Loan Insurance Select requires a professional energy audit and energy model by a qualified engineer or energy advisor. This differs from the new household heat pump rebate, which needs no audit.
What is Investor Ready Energy Efficiency certification?
It is a Canada Green Building Council certification that independently checks that a retrofit meets its energy targets. It is a required step for Canada Infrastructure Bank Building Retrofits Initiative financing.
What is measurement and verification?
Measurement and verification compares a building’s measured energy use after a retrofit with its baseline, adjusted for weather and occupancy, to prove the savings. Lenders and certifiers rely on it to confirm the project performed as modelled.
How is Canada Infrastructure Bank retrofit financing repaid?
From the energy and operating cost savings the retrofit produces, which is why accurate monitoring of those savings matters.
When should I start?
Now. A solid baseline takes time to collect, and early applicants are best placed while program capacity is available.
Put your building first in line
Book a building baseline assessment: call 416-402-5230 or book a free consultation.
Want the details first? See exactly what we deliver on our apartment retrofit financing support page.
Sources: Prime Minister’s announcement (October 8, 2026); Canada Mortgage and Housing Corporation multi-unit mortgage loan insurance; First Canada Infrastructure Bank-financed retrofit earns Investor Ready Energy Efficiency certification.
