Season’s Greetings from your First National team in Atlantic Canada

With the holiday season now upon us, I want 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 Atlantic Canada, highlighted by new construction lending activity.

Relative to some parts of Canada, our region has enjoyed a period of significant growth as under-supply of housing collided with strong levels of immigration. While vacancy rates have risen recently, occupancy remains, by national standards, very strong.

At times like this, I am reminded of the importance of working with great clients who have the knowledge and experience to deliver housing that the market needs.

An optimistic outlook

Although it’s too early to offer a definitive forecast for 2026, there are reasons for optimism: 

• 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.
• 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.
• Interest rates are lower than they’ve been for some time.
• Canada plans to welcome 380,000 permanent residents in 2026.

To meet the needs of Atlantic Canada, my team has ready access to capital, and we will actively (and fiercely) pursue continued growth in 2026. This includes Better Lending to address the significant pipeline of commercial mortgage renewals that will arise in the coming year.

To ensure we continue to execute with speed and agility, I’m pleased to announce that Yelyzaveta (“Liza”) Yurchenko has joined our team of Analysts. Liza previously served as Portfolio Analyst on our Commercial Asset Management team.

In addition to thanking you for your business, I thank my colleagues here in Atlantic Canada for their exceptional work: Michael Williams, Lisa McFarlane, Jeremie LeBlanc, Braeden Coyle, Noah Wilson, Christopher Cox, Lisa Chater and Vishwa Bhayani.

On behalf of these dedicated professionals, I wish you a joyous holiday season and a prosperous and healthy new year.

Yours sincerely,

Jody Comeau

Assistant Vice President, Commercial Financing