Why BMO’s New Mortgage Rules Matter — Especially If You’re Self-Employed

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If you’re self-employed and working in industries like steel, aluminum, construction, or farming, you may have a harder time qualifying for a mortgage with BMO going forward.

This past week, BMO announced that it’s tightening its lending rules for self-employed borrowers in what it calls “tariff-impacted” industries. With trade uncertainties and tariff tensions still in the mix, the bank is reducing the amount of credit available to certain applicants — and raising the bar for qualifying in general.

What’s Actually Changing?

BMO is narrowing its lending criteria for self-employed Canadians in ten key industries that it believes are vulnerable to economic turbulence caused by U.S. tariffs. What that means in real terms is:

• Stricter income verification

• Fewer borrowers qualifying for competitive rates

• Lower loan amounts being offered, even to financially stable applicants

In short, BMO is shrinking its “credit box” — the pool of borrowers it’s willing to work with in these risk-sensitive sectors.

Why This Is Important for You

If you’re self-employed, you already know how challenging the mortgage process can be. Add in stricter rules from a major lender, and it becomes even more critical to have someone on your side who understands the landscape.

Even if you’re not directly impacted right now, this move could be a sign of things to come. We’ve seen this kind of tightening before — during COVID, for example — when workers in high-risk sectors faced delays, extra scrutiny, or outright denials.

Here’s My Advice

This is a great time to review your options. Not every lender will follow BMO’s lead, and there are still plenty of alternative lending solutions available for self-employed borrowers — especially those who don’t fit neatly into the traditional application boxes.

Let’s Talk About What This Means for You

As a mortgage agent with Affinity Mortgage Solutions, I work with a wide network of lenders — not just the big banks. That means I can help you find solutions that fit your income structure, your business, and your long-term goals.

If you’re self-employed and wondering how these changes might affect you, let’s connect. I’d be happy to walk you through your options and help you secure a mortgage that works for you — no matter the economic climate.

📞 Reach out today and let’s have a conversation about what’s possible. Contact me using this link or simply call us at ‭+1 (647) 554-2718‬ or text us at the same number (tap to text: +1 (647) 554-2718)‬.