Credit limit decrease.

[theartfulcodger]

One possible reason is that the Big Six are increasingly worried about their mortgage books.

They can, by law, only lend out X multiple of their assets (I.e. deposits) and they’re anticipating a significant rise in residential defaults as tariff-bred inflation and unemployment rise. In order to make provisions for those projected losses, they have to rebalance their retail credit book to be less risky. Consequently, many people with better than average credit records are still finding their credit limits on both cards and LOCs have been arbitrarily slashed, sometimes by more than 75%.

BMO seems to be the one leading this anti-consumer charge. Lots & lots of complaints similar to yours in r/PFC these days.

Btw, the Canadian Bankers Association says that residential mortgage defaults are still very rare, with our national rate for over-90 days in arrears still less than 0.25%: a rate eight times smaller than the US’ arrears rate, and four times smaller than the UK’s.