“If you’re underwriting deals the same way you did two years ago, those pro formas are not going to work today.”

In this episode of the Hard Truth Podcast, I sit down with Chris Sayers of 4Capital to break down recent CMHC rule changes in 2026 and what they actually mean for real estate investors and developers across Canada.

CMHC just changed the rules, from energy efficiency requirements to rental achievement holdbacks and if you’re underwriting deals the same way you did a year ago, you could be taking on serious risk without realizing it.

Chris shares how he went from duplex conversions to financing large multifamily and development projects, and why commercial financing offers more control over your exit, cash flow, and valuation compared to residential investing. We dive into how CMHC-insured financing really works, why leverage isn’t guaranteed, and why developers must underwrite deals without relying on CMHC as a fallback.

We explore:
✅ Residential vs. commercial investing: control, risk, and emotion
✅ How CMHC-insured loans enable higher leverage and longer amortizations
✅ 2026 CMHC energy efficiency changes and how they impact new construction
✅ Rental achievement holdbacks and why clarity matters for developers
✅ Why underwriting without CMHC is critical in today’s market
✅ How experienced commercial brokers leverage relationships and deal volume to secure approvals
…and much more.

If you are a developer, investor, or real estate professional navigating CMHC financing, multifamily construction, or purpose-built rentals in Canada, this episode will help you understand what’s changed, what still works, and where deals break.

🎧 Found value in this episode?
Like, comment, and share your biggest takeaway.
Have a guest or topic idea? Drop it in the comments.

Follow & Connect with Chris Sayers:
Instagram - https://www.instagram.com/chrissayersmortgages/?hl=en
LinkedIn - https://www.linkedin.com/in/christopher-sayers-620b3a269/
Facebook - https://www.facebook.com/icdevelopments/
Website - https://www.mortgagealliance.com/mortgage-broker/ChristopherSayers/
4 Capital Website - https://4capital.ca/

Follow & Connect with me on Social Media:
Instagram - https://www.instagram.com/therealkyleford
Facebook - https://www.facebook.com/people/Kyle-Ford-Invest/61556960051291/
Tik Tok - https://www.tiktok.com/@kyleford576
YouTube - https://www.youtube.com/channel/UCPlhb05ieTA8yAugwmTT4Og