Stuck Between Moving and Staying? These 3 Questions Can Help You Decide

If you’re a homeowner in Regina with a low mortgage rate, you might be feeling a bit stuck these days. You may have considered making a move—perhaps looking for more space, changing your surroundings, or finally finding a home that feels just right. But then the reality of today’s interest rates hits, and suddenly, that idea gets pushed aside.

This scenario is playing out for many homeowners across Canada. Millions locked in at historically low rates in 2020 or 2021 are now hesitant to let go of what seems like a fantastic deal—even if their current home no longer meets their needs.

This phenomenon is known as the “lock-in effect,” and it’s a significant factor in the decision-making process. However, it doesn’t mean you’re out of options. If you’ve been on the fence, unsure whether to stay or go, consider these three questions to help you find clarity and make a decision you feel good about.

Is your current home still working for your life—or just your loan?

This is perhaps the most crucial question to ask yourself. When you look beyond the interest rate and the numbers, does your home still support your daily life?

Maybe what once felt spacious now feels cramped. Or perhaps your home feels too large and quiet since the kids moved out. Your needs might have changed—maybe you’re working from home more often, caring for aging parents, or have welcomed a new family member. Or maybe you’ve simply outgrown the space emotionally. What was once your dream home now feels like a never-ending to-do list.

It’s easy to focus solely on your current mortgage rate, but when your home no longer fits your lifestyle, it’s worth considering what it’s costing you to stay—not just financially, but also emotionally, mentally, and physically. The right home doesn’t have to be perfect, but it should make your daily life easier, not harder.

What would a move really cost you—and what might it make possible?

It’s true that today’s interest rates are higher than they were a few years ago. However, that doesn’t automatically mean that moving isn’t financially feasible. What’s important is how the overall picture looks for you.

Many homeowners today are sitting on significant levels of equity.

Canada’s soaring home values mean homeowners are sitting on jaw-dropping amounts of equity. As of May 2024, the average Canadian home cost $733,300, up nearly 40% from $524,900 just five years earlier, according to the Canadian Real Estate Association (CREA). In turn, Canadians have collectively built an estimated $4.7 trillion in home equity—yes, with a “T.” This figure, according to Clay Financial, represents between half and two-thirds of Canadians’ total net worth.

That equity could serve as your down payment on a new home. It could reduce the amount you need to borrow, lower your monthly payments, or even help you avoid private mortgage insurance.

On the flip side, what lifestyle benefits could a move offer you?

Perhaps it would bring you closer to family, provide your kids with access to a better school district, or give you that home office or outdoor space you’ve been dreaming of. Maybe it means downsizing and freeing up more cash each month. Or perhaps it’s about finally settling in a neighbourhood where you feel more at home.

Moving isn’t just a financial decision; it’s also about improving your quality of life. When you weigh both the benefits and the costs, you might find that the numbers are not as one-sided as they first seem.

If you stay, are you staying intentionally—or just avoiding a hard choice?

It’s perfectly fine to stay where you are. For some, that’s the right decision. But it’s essential that this choice is made intentionally, not just as a default.

Ask yourself: If I choose to stay for the next three to five years, what changes or investments would I need to make to ensure this home truly works for me? Would I renovate the kitchen that’s no longer functional? Convert the spare room into a proper office? Redesign the backyard so it actually gets used?

Staying doesn’t have to mean settling. Sometimes, finding peace with your current home involves making a plan to improve it—whether through small updates, strategic renovations, or simply adjusting how you use your space.

However, staying without a plan can lead to years of quiet frustration. Often, those small compromises add up to something more costly than moving would have been.

Final Thoughts

Feeling “stuck” can be frustrating. The good news is, you’re not as trapped as you might think. You’re just facing a decision that deserves careful consideration.

You don’t need to have all the answers right now. But by asking the right questions—about your lifestyle, your goals, and your finances—you can gain clarity. Whether you decide to stay or go, the aim isn’t to time the market perfectly. It’s about making a choice that supports your life and your future.

If you’re uncertain about what comes next, let’s have a conversation. We can help you weigh the pros and cons, look at real numbers, and explore what’s possible. This isn’t about pressuring you into a sale; it’s about giving you the clarity and confidence you need to move forward in the direction that feels right for you.