Back in the 80s a lot of people forget about the high rates. Sure you could get a house for a cheap price. A brand new decent size house in Shawnessy sold for $70k including home and lot. But interest rates were extremely high. GICs paid 12.5% in 1983. Average mortgage rate around that time was 15%. So cheap houses with super high interest rates. It evens out compared to today's market
|