First National Financial LP

Better Lending for you

Better is a powerful word. To our industry-leading commercial mortgage team, it means to surpass, to go beyond the ordinary to listen, advise and deliver financing solutions that are better for your business. Better features, better terms, better timing, better service. Better for you in every way.

Sign up for Market updates

Looking for advice and insights on commercial real estate? Sign up today for the Market Update email.

Subscribe

Recent financings

Leveraging our CMHC expertise, broad product portfolio, diverse specialists and responsiveness, we’ve blazed trails in financing new rental construction, general construction and burgeoning real estate businesses. 


View our recent financings

Get to know us better

At First National, we approach what we do from the people perspective. We’re not just lenders. We’re passionate about the business of commercial real estate and our clients, the people who drive it. 

Meet our commercial mortgages team

Latest resources and insights

Original perspectives and personal viewpoints on developments and industry trends in commercial real estate.

Market Commentary: Softening economic data equals rate hold?

  • Michelle Tan, Director, Capital Markets

Today’s market focus was on Canada’s employment numbers.  The unemployment rate rose to 5.8%, in line with expectations, and up 0.8% since the beginning of the year. On the other side, the labor market beat expectations by adding 24.9K jobs in November while wage growth for permanent employees held steady at 5%.  

Historical Chart on CANADA Labor Force Unemployment Rate:

mc

Yesterday’s Canadian GDP data followed a similar trend, showing a YoY change of -1.1%. Revisions to prior months resulted in GDP being net flat over the last two quarters.
 
Overall, the economy is showing signs of weakness under the force of higher rates in line with the BoC’s plans to bring inflation back down to 2%.  We cannot entirely shut the door for further rate hikes in Canada but if inflationary risks remain under control it seems that they are done for this cycle. We expect to see BoC to hold its policy rate steady on Dec 6th .
 
CMB spreads continue their performance, moving back towards the recent lows on spread versus GoC bonds.  Bond yields continue lower this morning across the board.  5yr and 10yr CMB yields have each seen a 45bps drop since November 1st – it’s a great time to call your local First National advisor to ask about our early rate lock program.
 
Current bond yields:
Range CMB GOC

5yr

3.84% 3.59%

10yr

3.96% 3.53%

 

 

Market Commentary: Softening economic data equals rate hold?

  • Michelle Tan, Director, Capital Markets

Today’s market focus was on Canada’s employment numbers.  The unemployment rate rose to 5.8%, in line with expectations, and up 0.8% since the beginning of the year. On the other side, the labor market beat expectations by adding 24.9K jobs in November while wage growth for permanent employees held steady at 5%.  

Historical Chart on CANADA Labor Force Unemployment Rate:

mc

Yesterday’s Canadian GDP data followed a similar trend, showing a YoY change of -1.1%. Revisions to prior months resulted in GDP being net flat over the last two quarters.
 
Overall, the economy is showing signs of weakness under the force of higher rates in line with the BoC’s plans to bring inflation back down to 2%.  We cannot entirely shut the door for further rate hikes in Canada but if inflationary risks remain under control it seems that they are done for this cycle. We expect to see BoC to hold its policy rate steady on Dec 6th .
 
CMB spreads continue their performance, moving back towards the recent lows on spread versus GoC bonds.  Bond yields continue lower this morning across the board.  5yr and 10yr CMB yields have each seen a 45bps drop since November 1st – it’s a great time to call your local First National advisor to ask about our early rate lock program.
 
Current bond yields:
Range CMB GOC

5yr

3.84% 3.59%

10yr

3.96% 3.53%

 

 

Market Commentary: Softening economic data equals rate hold?

  • Michelle Tan, Director, Capital Markets

Today’s market focus was on Canada’s employment numbers.  The unemployment rate rose to 5.8%, in line with expectations, and up 0.8% since the beginning of the year. On the other side, the labor market beat expectations by adding 24.9K jobs in November while wage growth for permanent employees held steady at 5%.  

Historical Chart on CANADA Labor Force Unemployment Rate:

mc

Yesterday’s Canadian GDP data followed a similar trend, showing a YoY change of -1.1%. Revisions to prior months resulted in GDP being net flat over the last two quarters.
 
Overall, the economy is showing signs of weakness under the force of higher rates in line with the BoC’s plans to bring inflation back down to 2%.  We cannot entirely shut the door for further rate hikes in Canada but if inflationary risks remain under control it seems that they are done for this cycle. We expect to see BoC to hold its policy rate steady on Dec 6th .
 
CMB spreads continue their performance, moving back towards the recent lows on spread versus GoC bonds.  Bond yields continue lower this morning across the board.  5yr and 10yr CMB yields have each seen a 45bps drop since November 1st – it’s a great time to call your local First National advisor to ask about our early rate lock program.
 
Current bond yields:
Range CMB GOC

5yr

3.84% 3.59%

10yr

3.96% 3.53%

 

 

Market Commentary: Softening economic data equals rate hold?

  • Michelle Tan, Director, Capital Markets

Today’s market focus was on Canada’s employment numbers.  The unemployment rate rose to 5.8%, in line with expectations, and up 0.8% since the beginning of the year. On the other side, the labor market beat expectations by adding 24.9K jobs in November while wage growth for permanent employees held steady at 5%.  

Historical Chart on CANADA Labor Force Unemployment Rate:

mc

Yesterday’s Canadian GDP data followed a similar trend, showing a YoY change of -1.1%. Revisions to prior months resulted in GDP being net flat over the last two quarters.
 
Overall, the economy is showing signs of weakness under the force of higher rates in line with the BoC’s plans to bring inflation back down to 2%.  We cannot entirely shut the door for further rate hikes in Canada but if inflationary risks remain under control it seems that they are done for this cycle. We expect to see BoC to hold its policy rate steady on Dec 6th .
 
CMB spreads continue their performance, moving back towards the recent lows on spread versus GoC bonds.  Bond yields continue lower this morning across the board.  5yr and 10yr CMB yields have each seen a 45bps drop since November 1st – it’s a great time to call your local First National advisor to ask about our early rate lock program.
 
Current bond yields:
Range CMB GOC

5yr

3.84% 3.59%

10yr

3.96% 3.53%

 

 

Why clients choose and recommend us

From the sophistication of our entrepreneurial culture to how we engage with and execute for clients – why we’ve earned the trusted recommendations of our borrower clients. Learn more

geen-building

Mortgage solutions

The synergy of our structure and culture enables advisors to innovate purposefully and execute decisively on smart risk solutions that get you to your goals.