Glenora Townhomes – Purpose-Built MLI Select Investment

Own 19 Townhomes With Only $469,250 Cash Required in Edmonton’s Top Community of Glenora

This limited collection of 19 luxury townhomes sits in Glenora, one of Edmonton’s most mature and affluent inner-city neighbourhoods. Spread across two architect-designed buildings, the project combines modern rental layouts with the stability of the Canada Mortgage and Housing Corporation’s MLI Select program. The result is an opportunity to acquire cash-flowing, professionally managed rentals in a neighbourhood where vacancy rates are near zero and new inventory is rare.

• Rent forecast: 14 market‑rate units @ $2,300/month and 5 affordable units @ $1 650/month → approx. $486,300 gross annual income
• Purchase price: $6.7 M
• Projected monthly cashflow: $4,553
• Debt‑service coverage ratio (DSCR): 1.17
• Interest rate: 4.1 % (estimated)
• CMHC premium: 5.55 %

INVESTOR QUALIFICATIONS:

25% Net Worth: $1,675,000 | 10% Liquidity: $670,000 | Cash Required: $469,250

Project highlights

Purpose-built rental townhomes: This project offers nine 908 sq ft “NERO Floorplan” units (2 bed / 1.5 bath) each with an attached garage, and ten 1,174 sq ft “MILA Floorplan” units (3 bed / 2.5 bath) with street parking. Five of the MILA units are offered as affordable 2-bedroom rentals, providing diversity of product.

Individually titled with exit flexibility: Each unit can be sold individually in the future, allowing investors to liquidate or re-position their holdings as market conditions dictate.

Under construction: Construction is underway with completion targeted for Q1 2026. Buyers can benefit from new-build depreciation and CMHC’s favourable financing through the MLI Select program.

Desirable neighbourhood: Glenora overlooks the North Saskatchewan River valley and is bounded by 142 Street on the west, Groat Road on the east, 107 Avenue on the north and the river valley/MacKinnon Ravine on the south. Mature tree-lined streets, large lots and historic homes make it one of Edmonton’s most sought-after communities.

Strong demand drivers: Almost 80% of Glenora’s dwellings are owner-occupied single-family homes. Only about one in five homes are apartments, and a third of households earn over $100,000 per year. Purpose-built rentals in this location are scarce, supporting low vacancy and resilient rents.

MLI Select Project Cashflow Projections

Next let’s take a look at the cashflow projections for this MLI Select investment.

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Projected rents & operating assumptions

Expenses (monthly) include professional property management (≈ 5%), property taxes (~$3,750), insurance, vacancy allowance (4%), and repair & maintenance reserves. Total operating expenses are estimated at $9,613 per month, resulting in an estimated net monthly cash flow of $4,553 after debt service. The sensitivity analysis in the full pro forma illustrates that the project still cash-flows under higher interest rates and produces DSCRs above CMHC’s 1.10 threshold.

Why invest in Glenora?

Prestigious, mature community: Glenora is one of Edmonton’s oldest residential neighbourhoods with most homes built before 1970. Mature trees, parks and ravines create a park-like feel while offering quick access to downtown.

River valley & parks: The neighbourhood overlooks the North Saskatchewan River valley. To the east lies Alberta Government House and the historic Royal Alberta Museum site; below them is Government House Park with river-valley trails and picnic areas.

Central location: Glenora’s western edge is defined by 142 Street, a major arterial that leads directly to the Stony Plain Road/Yellowhead corridor. Downtown Edmonton is less than ten minutes away, and nearby 107 Avenue and Groat Road connect residents to the University of Alberta and West Block district.

Education options: The neighbourhood has four schools: Glenora Elementary, Westminster Junior High, St. Vincent Catholic Elementary and the Progressive Academy. Families also benefit from proximity to top-rated private schools in adjacent communities.

Demographics favour stability: Nearly nine out of ten Glenora homes are owner-occupied, and roughly a third of households earn over $100,000. Limited rental supply and high incomes translate into stable tenants and low turnover.

Edmonton’s Economic & Demographic Tailwinds

Edmonton is Canada’s fifth‑largest city, with a metropolitan population expected to reach around 1.23 M in 2025 and 1.27 M by 2027. The city’s population grew 5.7 % between 2023–2024, largely driven by net migration and international students.

Key drivers that make Edmonton—and Rivers Edge in particular—attractive for investors:

• Diverse economy: Edmonton has long been the “Oil Capital of Canada,” but it is now diversifying into technology, AI and clean‑energy industries. Northern Alberta’s affordable land is drawing tech firms and data centres, fueling employment growth and multi‑family demand.
• Young, growing population: Edmonton’s median age is lower than the national average; population growth is fueled by interprovincial migration and international immigration, with many newcomers choosing to rent.
• Educational hub: the University of Alberta, a top‑five Canadian university with ~38 000 students, draws international students and researchers to the city.
• Affordable relative to other cities: research by Rentals.ca and Urbanation consistently ranks Edmonton among Canada’s ten cheapest large cities for rent, with a one‑bedroom averaging $1 384 and a two‑bedroom $1 703 in October 2024—far below Toronto or Vancouver.

Rental Market Snapshot

Despite a surge in new multi‑family supply, rental demand in Edmonton remains robust. Vacancy rates increased only 0.7 % in early 2025, while rents rose 0.4 % year‑over‑year and remain well below the national average. Key stats relevant to Rivers Edge:

• 3‑bedroom rents are rising: April 2025 data shows three-bedroom units averaging $2 169/month across Alberta—up 5.6 % year‑over‑year. In Southwest Edmonton specifically, unfurnished 3‑bedroom units averaged ~ $2 176/month.
• Demand from families & professionals: three-bedroom units are popular with families, multi‑tenant households and newcomers.
• Affordable units are scarce: the CMHC’s 2024 Rental Market Report notes that low‑income households (<$38 000) have access to only 6 % of rental stock, half the proportion available in 2023. Rivers Edge’s six affordable units at $1,650/month target this underserved segment.

Compared with these market rents, the projected rents for Rivers Edge’s townhomes ($2 000 for market units and $1 650 for affordable units) are competitive while still delivering strong cash flow.

CMHC MLI Select advantage

Projects that qualify under CMHC’s MLI Select program enjoy substantial benefits:

• Reduced insurance premiums & longer amortization: MLI Select rewards projects that achieve energy efficiency, accessibility and affordability scores. Investors can access loan-to-value ratios up to 95% and amortization periods up to 50 years (subject to qualification).
• Lower interest rates & higher leverage: Because MLI Select incentivizes socially and environmentally responsible housing, lenders offer lower rates and more favourable debt-coverage requirements than conventional financing. In this case the estimated annual interest rate is 4.10% with a DSCR of 1.17, resulting in positive monthly cash flow.
• Affordability points: Five of the 19 units are reserved as affordable two-bedroom rentals. This helps the project achieve the required affordability score for MLI Select while still commanding strong market rents for the remaining units.

Our project’s mix of market and affordable units positions it to achieve the necessary point threshold, enabling lower interest rates and higher leverage compared to conventional financing.

👤 Target Tenant Profiles

Given Glenora’s prestige, unit mix and price point, likely tenants include:

• Young families seeking 2- or 3-bedroom layouts near top schools, parks and the river valley.
• Professionals working downtown or in west-end business parks who value modern amenities and a short commute.
• Health-care and university staff employed at the nearby University of Alberta and medical district.
• Inter-provincial migrants and newcomers attracted to Edmonton’s affordability and quality of life. With average incomes well above the city median, Glenora residents have the means to support premium rents.

These demographics tend to value modern amenities, proximity to green space and transit access—features Rivers Edge delivers.

📞 Next Steps

Next steps

This opportunity is limited to 19 townhomes and Glenora’s rental demand shows no signs of slowing. If you’re interested in detailed floor plans, financing structures or the full pro forma, please contact New Homes Alberta. Secure your unit in one of Edmonton’s most coveted neighbourhoods before they’re gone!

This is a rare chance to invest in a purpose‑built, MLI‑Select‑qualified community in one of Edmonton’s most exciting new neighbourhoods. Secure your unit before they’re gone!