I have liked this song since I was a teenager, (I'm now in my early 60s). I know about the other song meanings and background, but I like to think of this song as a story about life, and growing up in a small town in Canada. Skating on frozen lakes during the winter. I also think the song is about the migration from small and rural areas of Canada (and in many other places around the world), to large cities. The singer watches his friends decide to move away, and leave their small town, and their current lives behind (hanging the skates on the wall) but he decides to stay in the small town he grew up in. But 'loneliness has a way of hanging around all day' , and he finally decides that it is his turn to leave. But he knows he can always come back if he wants to. The small town of his youth will still be there, and waiting for him.