What does Bank of Canada's interest rate cut mean for homeowners?

The Bank of Canada lowered its key interest rate to 4.5 per cent, as those looking to renew or buy a mortgage watched closely.

For Jordan Eras, a father of three who owns a home in Barrie, high interest rates have been a source of stress for him and his young family.

"It's no joke. I mean, it's something that you think about constantly - when I'm driving and when I'm running, I think about stuff; when I buy something that's eight cents cheaper or putting something back," Eras said."

And Eras isn't alone.

Higher mortgage rates are taking a toll on millions of Canadians. At the United Way in Simcoe Muskoka, staff have noticed a rise in mortgage holders needing support from its grant programs.

"We administer the Low-Energy Assistance Program and our own Urgent Needs Fund to support folks who are struggling making ends met finically, and we have seen more folks trying to access those programs that would previously be considered middle class," said Brian Shelley,  chief executive and philanthropy officer with United Way Simcoe Muskoka.

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Some families are considering selling their homes, but real estate expert Peggy Hill advises against such a move.

"Find a way, and there is always a way; when there is a will, there is a way. Whether you rent out a room in your home or you don't go to Starbucks or whether you're making your coffee at home, there are ways at making money, but you shouldn't be selling your home to rent," said the CEO of The Peggy Hill Team.

While Canadians weigh their options, the Simcoe County real estate expert says the Bank of Canada's announcement on Wednesday is a positive step.

"Although it was just a quarter point, I think it was very hopeful, and I think it will bring a lot of consumer confidence back into this market," Hill added.

The United Way offers several different support grants for those struggling. Anyone looking for information can contact the United Way directly or dial 211 on a mobile phone.