Value-Add Multifamily Investing in Canada: Scale to MLI Select with Millan Jankovich
Scott Dillingham is a mortgage expert who has helped clients finance over $2 billion in real estate across Canada. In this episode of The Wisdom Lifestyle Money Show, Scott sits down with Millan Jankovich for a practical look at value-add multifamily investing in Canada—from Toro…
Show notes
Scott Dillingham is a mortgage expert who has helped clients finance over $2 billion in real estate across Canada. In this episode of The Wisdom Lifestyle Money Show, Scott sits down with Millan Jankovich for a practical look at value-add multifamily investing in Canada—from Toronto duplex and triplex conversions to apartment buildings in Kitchener, Cambridge, and a 107-unit Hamilton complex.
Millan shares how operators earn the right to scale: build a track record on smaller deals, protect investor capital with governance and clean reporting, and keep control of construction, property management, and timelines instead of treating multifamily as passive. Listeners hear real project math—including an eight-unit Cambridge building where rents were roughly 100% below market, rental income rose around 300%, and NOI roughly doubled after a premium renovation.
They also dig into density plays (converting warehouse space into a new residential unit; splitting oversized Hamilton suites to add about 40 apartments) and how CMHC MLI Select fits as a planned refinance exit once a value-add project is stabilized—not as a shortcut around underwriting.
Key Takeaways
- Value-add multifamily investing in Canada is about forcing NOI through renovations, unit adds, and rent resets—not waiting for the market to lift values.
- Scaling from single-family and duplex conversions into apartments usually requires track record, connections, or partners who already have the playbook.
- Vertical integration (construction + property management + development) increases control over timelines, tenant selection, and outcomes—and makes the work more active, not less.
- Governance, accounting, and investor communication are non-negotiable when other people’s capital is in the deal.
- Cambridge example: off-market vacant purchase plus commercial-to-residential conversion moved a building from three residential units to four.
- Cambridge eight-unit example: rents ~100% below market; after turnover and premium renovations, rental income rose ~300% and NOI roughly doubled.
- Hamilton example: 107 units across two buildings; emptied a 73-unit building, pursued ~40 additional apartments by splitting 1,200–1,300 sq ft suites, with a CMHC MLI Select refinance planned after stabilization.
- Duplex and triplex conversions remain a strong “bread and butter” strategy in today’s market for smaller partnership tickets.
Links and Show References
If you are modeling a value-add apartment acquisition or a CMHC MLI Select refinance after renovations, read the full breakdown in our value-add multifamily and MLI Select scale-up guide. Ready to talk financing? Book a free strategy call.
Transcript
Introduction
Value-Add Multifamily Investing in Canada: Scale to MLI Select with Millan Jankovich
Welcome to the Wisdom Lifestyle Money Show. I'm your host, Scott Dillingham. The show is designed to help Canadians invest better in Canada and the United States. We are the North America-based mortgage financing lender and provide education to both countries.
Discover how you can become a better investor and access the financing you need. Welcome to today's episode: Value-Add Multifamily Investing in Canada: Scale to MLI Select with Millan Jankovich. Scott Dillingham is a mortgage expert who has helped clients finance over $2 billion in real estate across Canada. In this episode of The Wisdom Lifestyle Money Show, Scott sits down with Millan Jankovich for a practical look at value-add multifamily investing in Canada—from Toronto duplex and triplex conversions to apartment buildings in Kitchener, Cambridge, and a 107-unit Hamilton complex. Millan shares how operators earn the right to scale: build a track record on smaller deals, protect investor capital with governance and clean reporting, and keep control of construction, property management, and timelines instead of treating multifamily as passive.
Listeners hear real project math—including an eight-unit Cambridge building where rents were roughly 100% below market, rental income rose around 300%, and NOI roughly doubled after a premium renovation. They also dig into density plays (converting warehouse space into a new residential unit; splitting oversized Hamilton suites to add about 40 apartments) and how CMHC MLI Select fits as a planned refinance exit once a value-add project is stabilized—not as a shortcut around underwriting. Key Takeaways Value-add multifamily investing in Canada is about forcing NOI through renovations, unit adds, and rent resets—not waiting for the market to lift values.
The Core Idea
Scaling from single-family and duplex conversions into apartments usually requires track record, connections, or partners who already have the playbook. Vertical integration (construction + property management + development) increases control over timelines, tenant selection, and outcomes—and makes the work more active, not less. Governance, accounting, and investor communication are non-negotiable when other people’s capital is in the deal.
Cambridge example: off-market vacant purchase plus commercial-to-residential conversion moved a building from three residential units to four. Cambridge eight-unit example: rents ~100% below market; after turnover and premium renovations, rental income rose ~300% and NOI roughly doubled. Hamilton example: 107 units across two buildings; emptied a 73-unit building, pursued ~40 additional apartments by splitting 1,200–1,300 sq ft suites, with a CMHC MLI Select refinance planned after stabilization.
Duplex and triplex conversions remain a strong “bread and butter” strategy in today’s market for smaller partnership tickets. Links and Show References If you are modeling a value-add apartment acquisition or a CMHC MLI Select refinance after renovations, read the full breakdown in our value-add multifamily and MLI Select scale-up guide . Ready to talk financing?
Book a free strategy call .
Deep Dive
Thank you so much for tuning into the show today. If you found value, please follow the show and rate it five stars. It would mean the world to me. And lastly, all the resources that we spoke about are at the bottom of the show notes. Looking forward to seeing you in the next episode.
