Season’s greetings and thank you from your First National team

  • John Lucas, Vice President, Commercial Financing
December is a month that offers equal opportunities for work and play. In that spirit, I am writing to first offer season’s greetings from your First National team. We wish you, your colleagues and your family a joyous end to 2025 and a very prosperous and healthy new year. 

On the business side, British Columbia’s major urban centers are experiencing a general stabilization in rental rates and the introduction of incentives, while Alberta’s major urban centers were, by comparison, relatively stronger. 

Economic conditions like those observed in 2025 challenge but do not alter our confidence or conviction in the long-term value of investing in and lending to multi-unit rental properties. Over time, no other real estate asset class has been as resilient, and we do believe it’s only a matter of time before the market improves. These types of challenges remind us, however, of the importance of working with great clients like you and of serving urban centres across the West and throughout Canada. 

An optimistic outlook  

  • It’s too early to offer a definitive forecast for 2026. However, there are reasons for some optimism: 
  • Governments at all levels appear to be more aligned in recognizing the need for new 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. 
  • Rental rates are showing signs of stabilizing. 
First National is planning for growth in 2026 and will actively (and fiercely) pursue it. Based on our pipeline of CMHC applications, we look forward to a productive first quarter.  

We’re also determined to bring you more financing options, including conventional loans for all asset types through our new brokerage service. This expansion of our Better Lending mandate enables us to serve you at the portfolio level, not just on a transactional basis. 

Our team is committed and energized, and we look forward to bringing our best to you in 2026. Thank you for making us a better lender. 

Yours sincerely, 

John Lucas 

Vice President, Commercial Financing, B.C. and Alberta