Build a Small Apartment Building in Lawrencetown (Annapolis County)

Typical equity requirements range from $600,000 to $900,000 depending on total project cost and CMHC financing tier achieved. CMHC MLI Select can provide up to 95% loan-to-value, meaning a $3.5M project might require as little as $175K in direct equity, but soft costs, land deposits, and construction draws typically require $600K+ in total available capital.

Nova Scotia Building Code requires elevators for buildings 4 storeys or higher. Three-storey buildings can avoid elevator costs entirely, while 4-storey buildings must include elevator installation ($150K-$200K) plus ongoing maintenance. This threshold significantly impacts project economics and should be carefully evaluated during design.

Section 63 of the Halifax Charter enables site plan approval for developments that exceed as-of-right permissions. In ER-3 zones, buildings with 9 or more units require Section 63 approval, which involves additional design review, public notification, and council approval. This process typically adds 3-6 months to the approval timeline compared to as-of-right development in HR-1 zones.

At 8+ units, professional property management becomes economically efficient, typically costing 4-6% of gross rental income. Management companies handle tenant screening, rent collection, maintenance coordination, and regulatory compliance. Some developers employ dedicated part-time building superintendents for buildings of this scale, combining professional management oversight with on-site presence.

CMHC MLI Select offers significant advantages: up to 95% loan-to-value ratio, 50-year amortization reducing monthly payments, and interest rate reductions up to 115 basis points for meeting affordability, accessibility, and energy efficiency criteria. Buildings meeting all criteria can achieve highly favourable financing terms that dramatically improve cash-on-cash returns.