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

If you’re a homeowner in Greater Halifax 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 neighborhoods, or finally finding a home that feels just right. But then the reality of today’s interest rates hits, and suddenly, that idea seems less appealing.

This scenario is playing out for many homeowners across the region. A lot of folks locked in at historically low rates back in 2020 or 2021. Now, with interest rates on the rise, many are hesitant to let go of what feels like a great 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 today’s market. 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 that can help clarify your situation and lead you to a decision you feel good about.

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

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

Perhaps what once felt spacious now seems cramped. Or maybe your home feels too large and quiet since the kids moved out. Life changes—like working from home more often, caring for aging parents, or welcoming a new family member—can shift your needs. You might even feel emotionally outgrown by your space, where what was once a 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 costs you to stay—not just financially, but emotionally and mentally as well. The right home doesn’t need to be perfect, but it should enhance your daily life, not complicate it.

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 that moving isn’t a viable option. What’s important is how the full picture looks for you.

Many homeowners in the HRM 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.

Maybe relocating would bring you closer to family, give your kids access to better schools, or provide that home office or outdoor space you’ve been dreaming of. It could also mean downsizing, allowing you to save money each month, or finally settling in a neighborhood where you feel more at home.

Moving isn’t just about finances; it’s also about improving your quality of life. When you weigh both the potential gains 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. For some, that’s the best decision. But it’s essential that this choice is made intentionally, not just as a default option.

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 consider renovating the kitchen that’s no longer functional? Transforming the spare room into a proper office? Redesigning the backyard to make it more usable?

Staying doesn’t have to mean settling. Sometimes, finding 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’re not as trapped as you might think. You’re simply facing a decision that deserves careful consideration.

You don’t need to have all the answers right now. But asking the right questions about your lifestyle, goals, and finances can lead you toward clarity. Whether you choose to stay or move, the objective isn’t to time the market perfectly; it’s to make a decision that supports your life and future.

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