Halton newcomers say steady interest rate leaves families “stuck between planning and waiting”

By: Jiesu Luo, Local Journalism Initiative Reporter, The Milton Reporter, Milton Reporter

 

Newcomer families across the Halton Region say the Bank of Canada’s decision to leave its key interest rate unchanged is prolonging the financial uncertainty they’ve been navigating since arriving in Canada. For many in Milton, Oakville and Burlington, the rate hold means another month of adjusting budgets, delaying plans and trying to make sense of an unpredictable economy.

 

The central bank kept its benchmark rate steady on Wednesday, a move that affects mortgage renewals, variable‑rate loans and household borrowing costs. The announcement comes at a time when global tensions — particularly the conflict involving the United States, Israel and Iran — have pushed energy prices higher and complicated economic forecasts.

 

Rather than continuing the gradual rate cuts that began in early 2025, the bank is now facing a different set of pressures. Disruptions to oil shipments through the Strait of Hormuz sent crude prices soaring earlier this year, and those increases quickly filtered into Canadian life through higher fuel costs, rising travel prices and a bump in inflation.

 

For families in Halton, the impact is felt in everyday decisions.

 

In Milton, where many newcomers have purchased homes in rapidly growing neighbourhoods, some say the rate hold leaves them unsure how to plan ahead.

 

“We’re still settling into life here, and every month feels like a new calculation,” said Amina Yusuf, who immigrated from Somalia in 2022. 

 

“You want to save, you want to build stability, but the numbers keep shifting. It’s like you’re always preparing for the next change.”

 

In Oakville, where housing costs are among the highest in the region, others say they understand why the bank is being cautious but still feel the strain.

 

“In Lebanon we lived through economic shocks tied to conflict, so we know how quickly things can turn,” said Rami Haddad, who arrived with his family in 2021. 

 

“I get why the bank is waiting, but families like ours feel the pressure right away — groceries, gas, everything adds up.”

 

In Burlington, some newcomers say the rate hold affects more than mortgages.

 

“We’re trying to build a future here, but every decision — childcare, transportation, even sending money home — depends on what happens with interest rates,” said María Santos, who moved from the Philippines in 2020. 

 

“A pause sounds simple, but for families starting over, it means another month of uncertainty.”

 

Economists note that Canada’s economy contracted in the final quarter of 2025, a trend that would normally support further rate cuts. But the surge in oil prices — a benefit for producing provinces like Alberta — has complicated the bank’s assessment. Policymakers must now balance a cooling economy against renewed inflation risks.

 

The next interest rate announcement is scheduled for June, when officials expect to have a clearer sense of whether a recently announced ceasefire in the Iran‑related conflict will help stabilize global oil markets.