Canada’s spring housing market is almost here. First National is ready for the reawakening.

First National has participated in 37 spring housing markets since 1988, always with a mandate to grow and serve. This year, our 38th spring market, is no different. That, in my opinion, is newsworthy.

Despite heightened risk that is causing trepidation among some lenders, we are prepared to compete fiercely – as we always have – for your business.

I feel it’s important for you to know that because we are determined to Own the Moment by offering a compelling combination of products, rates and service to meet the needs of your clients today.

Our business-as-usual stance is also newsworthy because underlying it is a pledge to do what we do even better and even faster. This year, we are introducing artificial intelligence to accelerate our underwriting processes. These AI investments, which will continue over time, reflect our longstanding commitment to leveraging technology and automation to make our team more efficient and effective for you.

As the company that brought you MERLIN™, Canada’s original fintech mortgage underwriting platform, we are excited by these new AI capabilities. But we are even more excited to be competing once again with an experienced and devoted team of First National people in all roles and in all regions of Canada. Their expertise, passion for growth, and entrepreneurial ability to get deals done are worth far more than even the most intelligent software.

A case in point: in 2025, the First National team increased our mortgage book by 8.2% year over year to a record $166 billion. It was a remarkable year, and we are proud to have earned this growth in our role as Canada’s foremost supporter of the mortgage broker channel. We thank you for giving us the opportunity to reach this incredible milestone.

As the market heats up this spring – and I am cautiously optimistic it will – First National is ready to do business, both Prime and Excalibur Alt-A. While not diminishing the impact of market headwinds, it seems to me to be a good time to buy a home. Interest rates are favourable (and based on the BoC announcement on March 18th, holding steady for now), the recent price correction has made housing more affordable, and there are meaningful government purchase incentives available.

As you compete for new business, please remember that First National is ready to compete alongside you as your trusted, reliable and proven lending partner.  Like you, we are in to win!

Yours sincerely,

Scott McKenzie

Executive Vice President, Residential Mortgages

P.S. Please speak to us about our First National Education Days. We host these informative events periodically, bringing expert third-party insights into trends and topics of note.