CMHC Mult-Unit New Construction

[Doug Keefe]

Hello great BP people of Canada!

I'm reading this info from CMHC and wondering what a specific line means. (This could be a dumb question)

Source: https://www.cmhc-schl.gc.ca/en/hoficlincl/moloin/m...

"Loan-to-Value Ratio Up to 85% or 100% of cost, whichever amount is less. "

It doesn't mention 100% anywhere else.   But could this imply that a 100% loan is possible on new construction?   Again, it just struck me a funny, but maybe I just don't fully understand what they mean.