BMO tightens mortgage rules for self-employed in ‘tariff-impacted’ steel and aluminum industry
The Bank of Montreal BMO-T has tightened mortgage lending rules for self-employed Canadians in several industries that are vulnerable to U.S. tariffs, a move that critics say adds new obstacles during a period of economic uncertainty.
As of March 19, hundreds of thousands of self-employed Canadians working in the steel and aluminum space, along with nine other “tariff-impacted industries” that BMO believes could face a “turbulent economic landscape,” will find it tougher to secure attractive lending rates as a result of U.S. President Donald Trump’s levies on Canadian exports.
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