Season's Greetings from your First National team in Québec

With the holiday season fast approaching, I want to take a moment to express my sincere appreciation to you for choosing to work with First National. With your support, we’ve had an exceptional year here in Québec, with record construction and term financing activity.

As you may know, First National strives to provide Better Lending service across all major urban markets and our broad presence has certainly made a difference.  I’m particularly pleased that our growth included exciting new financings in Québec City, Montréal, Laval and the North Shore, all areas of focus for my team.

There is no such thing as a national real estate market, and this was reflected by variances in vacancy rates, rents and construction costs across Québec. But on balance, the multi-unit residential asset class is proving to be resilient, and I believe there remains a significant need for modern, affordable rental units. It is at this end of the market where the greatest opportunity for growth exists.

An optimistic outlook

It’s too early to offer a definitive forecast for 2026. However, there are notable reasons for optimism: 

• Governments at all levels appear to be more aligned than ever in recognizing the need for more rental housing and we are hopeful that this will translate to more supportive policies.
• The recently announced $20 billion increase in the Canada Mortgage Bond program will bolster the supply of capital to the multi-unit housing industry in 2026.
• CMHC’s recent change to the Rental Achievement Holdback criteria for MLI Select demonstrates that they are listening and leading the way with a renewed risk-on approach.
• Interest rates are lower than they’ve been for some time.

My team has ready access to capital, and we will actively (and fiercely) pursue continued growth in 2026.

We’re also determined to bring you more financing options, including conventional loans for all asset types through First National’s new brokerage service. This important expansion of our Better Lending mandate enables us to serve you at the portfolio level.

On behalf of my entire Québec team, I wish you and your family a joyous holiday season and a very prosperous and healthy new year.

Yours sincerely,

Michael C. Williams

Vice President, Commercial Financing, Québec and Atlantic Canada