In this episode of our podcast, I had the pleasure of welcoming back Matt Pickering, a seasoned expert in financing from National Bank. Joined by my co-host Aisha, we dove deep into the latest developments in the financing world, particularly focusing on the changes that have emerged in 2024 and what they mean for both first-time homebuyers and seasoned investors.
Matt kicked off the conversation by sharing his journey with National Bank, highlighting his extensive experience in handling diverse financing needs. He emphasized the importance of building relationships with clients and crafting tailored solutions that meet their unique financial goals. With a remarkable track record of processing around 180 files in the past year alone, Matt illustrated how he navigates the complexities of financing, especially in a fluctuating market.
We explored the various programs offered by National Bank, which set it apart from other lenders. Matt detailed their approach to financing, including their net worth program, which considers not just income but also investments and equity in properties. He also discussed specialized programs for newcomers to Canada and self-employed individuals, showcasing the bank’s flexibility and commitment to helping clients succeed.
One of the standout features of National Bank is its renovation program, which allows clients to tap into future equity for property improvements. Matt explained how this program works, including the process of funding renovations in stages based on progress, making it an attractive option for investors looking to enhance property value.
As we delved into the evolving landscape of real estate investing, Matt shared insights on the challenges posed by appraisal processes and how investors are adapting to the changing market dynamics. He noted a significant shift towards properties in Alberta and Quebec, as Ontario’s market becomes increasingly competitive and expensive.
The conversation then shifted to recent changes in mortgage regulations, particularly those rolled out on December 15. Matt highlighted three key changes: the introduction of 30-year amortizations for insured mortgages, an increase in the insured mortgage ceiling from $1 million to $1.5 million, and the removal of the stress test for conventional mortgage switches. These changes aim to improve affordability and provide more options for borrowers, especially in high-demand markets.
Looking ahead, we discussed an upcoming change set for January 15, which will allow insured financing for additional secondary units. This initiative is designed to encourage the creation of more housing units and support first-time homebuyers looking to house hack.
Throughout the episode, Matt’s expertise and passion for helping clients navigate the financing landscape shone through. We wrapped up by encouraging listeners to reach out to Matt for personalized advice and to explore the various financing options available to them.
This episode is packed with valuable insights for anyone interested in real estate financing, whether you’re a first-time buyer, an experienced investor, or simply curious about the current market trends. Tune in to gain a deeper understanding of how to leverage financing opportunities in today’s dynamic environment!
Contact Matt Pickering here:
This episode has been brought to you in part by:
Where Should I Invest? Real Estate Investing in Canada 
