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

If you’re a homeowner in Langley with a low mortgage rate, you might be feeling a bit stuck these days. Perhaps you’ve considered making a move—whether that’s finding a larger space, relocating to a different area, or finally settling into a home that feels just right. But then the reality of today’s interest rates hits, and suddenly, the 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 feels 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 can be quite compelling. However, it doesn’t mean you’re out of options. If you’ve been on the fence, unsure whether to stay or move, there are three questions that can help you gain 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. When you look beyond the mortgage rate and the numbers, is your home still supporting your day-to-day life?

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

It’s easy to push those feelings aside and focus solely on your current 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 emotionally and mentally as well. 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?

There’s no denying that today’s interest rates are higher than they were a few years back. However, that doesn’t automatically mean moving isn’t financially viable. The key is to look at the full picture.

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.

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

On the flip side, consider what lifestyle benefits a move could bring you. Perhaps it would bring you closer to family, provide your kids access to better schools, or offer the home office or outdoor space you’ve been longing for. Maybe it means downsizing and freeing up more cash each month or finally settling in a neighbourhood that feels more like home.

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

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

It’s perfectly fine to choose to stay where you are. In fact, for some people, that’s the right move. But it’s essential that this choice is intentional, not just a default reaction.

Ask yourself: If I decide 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, making peace with your current home involves creating 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 frustration. In many cases, those quiet compromises can add up to something more costly than moving would have been.

Final Thoughts

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

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

If you’re uncertain about what comes next, let’s chat. We’ll 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 to move forward in a direction that feels right for you.