The GTA’s mortgage landscape is shifting as major lender First National reports a 12% decline in total mortgage originations and renewals for Q2 2026, totaling $12.2 billion. This pullback, driven by a cooler housing market and intensified competition, signals a challenging environment for brokers and borrowers alike. While single-family residential volume fell 11%, the company’s mortgages under administration actually grew by 6% to $169.8 billion, bolstered by a wave of pandemic-era mortgages coming up for renewal at significantly higher interest rates. Despite the volume pressure, delinquency rates remain remarkably low at just 0.05%, suggesting that while the market is cooling, credit stress remains contained for now. As buyers navigate rates above 4% and a tightened inventory, the industry is bracing for a sustained period of subdued activity. For a deeper dive into the numbers and what this means for your next mortgage decision, read the full report at [MPA Mag](https://www.mpamag.com/ca/specialty/alternative-lending/slower-housing-market-bites-into-first-national-originations/584722).
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