Any Recommendations for a Guide to New Multifamily Construction? (Canada)
I'm making the switch from renovating and repositioning mid-size apartment buildings as owner/general contractor and I'm going to try new construction.  It's getting harder and harder to evict tenants for renovation, even if the building is a literal death-trap - the eviction process can take 12-24 months now, longer than the permitting process for a new build in many areas.  

I've renovated a few hundred units, some fairly extensively involving seismic, sprinklering, structural, mechanical, electrical service upgrades, asbestos remediation (basically gut jobs).  

I have a good site under contract at 25% under appraised value, already zoned multifamily in a market with zero vacancy that I'm familiar with.   I have the equity, and I'm confident in running the project from lockup onwards but going from bare dirt to a framed up building is new to me.  I'll be working hands-on with a qualified GC.

Has anyone come across any good guides to new multifamily construction, either online or in text book form?  I've got about a year before we break ground and I'm keen to study up as much as possible.
[{"id": "ibv8ppk", "text": "You would become an owner builder.  It varies from province to province but BC is considered a leader in this regard because of the extremely high cost of housing.  Learn more here:\n\nhttps://www.bchousing.org/licensing-consumer-services/owner-builder/how-to-become-owner-builder", "replies": [], "depth": 1}, {"id": "ic0z8xo", "text": "Talk to architects in your area who currently doing multi family.  Some are very knowledgeable and can explain process well, required consultants, municipal process, etc\u2026 doing it during due diligence period to better know all the costs.  Talk to\nMunicipal planers to know *all* the costs.  Check into site servicing(sewer and water) and if adequate for your proposed development.\nTalk to geotechnical engineer to confirm soil is good for your proposed project.\n\nEdit: talk to lenders, some are no longer doing construction financing in Canada due to market uncertainty and interest rates rising.\nAnd with the current cost uncertainties I don\u2019t blame them.", "replies": [{"id": "ic1e7eh", "text": "I appreciate the response. Most of what you mention is part of a typical BP application for me, but the fact some lenders aren\u2019t funding projects is worrying.  \n  \nI\u2019m going in under the CMHC MLI Select program for purpose built rentals so I hope that won\u2019t be an issue.  \n  \nI\u2019m about 12-18 months from breaking ground so I\u2019m betting on rates stabilizing somewhat in the meantime.  Rents in the area are on a crazy upward trajectory with zero vacancy so I\u2019m thinking that will mitigate higher costs somewhat.", "replies": [{"id": "ic1ikuk", "text": "Next 12-18 months should give you some idea where things are going.  Get your ducks lined up for minimal costs and stay flexible.  Expensive step is construction drawings and BP applications if you have to pay municipal levies (DCCs, bonding, etc..) .  \n\nLenders are still lending, just they are becoming more prudent and loan to value is going down.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ic1x7zx", "text": "CRE lender here - biggest challenge outside of those mentioned right now is development approval timelines and design feedback / muni feedback to hit your ideal timelines to break ground. This affects carrying costs and working capital requirements. \n\nLand debt is challenging right now.\n\nThe obvious cost environment makes the proforma today somewhat of a gamble on continued rent growth to support the cost environment. \n\nWho knows where costs will be for labor and material when you tender but if your in BC - specifically lower mainland or Greater Capital Region I believe the rents will support it with low unit turnover rate evident here. \n\nQuestion is cap rates and expenses to support the exit. And...\n\nYour ceiling rate in the MLI Select COI.", "replies": [{"id": "ic1zyt0", "text": "Thank you for the input. \nWhat is the COI you are referring to?  I haven\u2019t heard that term before.  \n\nIt looks like the CMHC premium under MLI Select is 1% if I can hit 100 points.", "replies": [{"id": "ic216s1", "text": "When you apply and are approved for MLI select, CMHC issues you a Certificate of Insurance - COI.\n\nThe construction lender that funds the loan relies on that as the insured party in event of default subject to the terms of the policy.\n\nFyi, you will need a broker to apply to CMHC for the program or you can go directly through a FI experienced in the application process. \n\nNote - Most COIs are secured by brokers, which are approved correspondents. \n\nPremium is different than ceiling rate. \n\nCeiling rate refers to the max rate the loan can be, typically applying to the long term mortgage you lock into  once you complete the project. \n\nYour construction loan rate will likely be floating, at a better spread than conventional construction financing. \n\nVery few lenders will lock rate right now i.e forward fix at construction. \n\nHope this helps - DM if you want some more details, Ive been financing CRE in western Canada for 11 yrs. Most of what I do is construction related.", "replies": [{"id": "ic24o1q", "text": "Thanks for the explanation.  I\u2019ve done a number of CMHC takeout mortgages post renovation but I\u2019m usually focused on the construction side of things so my mortgage broker\u2019s finance lingo just goes in one ear and out the other.  I just tune out until I hear \u201ccommitment letter\u201d and what rate we locked in.  :)\n\nThe big new step for me will be hiring a general contractor to share the workload with (and I understand I need someone who is bonded/licensed and with specific multi family experience to qualify for the construction loan.)", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}]