May 06, 2021 | Alan Tennant
By CREB® CEO Alan Tennant (as told to Terence Leung)
I remember being 23 years old. The year was 1981. I was a Medicine Hat banker with my new wife, Rona, and a new job in Calgary, staring down a brand-new, three-bedroom, one-bathroom bungalow. Oh, and a mortgage to pay.
We had two cars (with no garage to put them in) and no way of knowing that four years later, mortgage rates would hit a whopping 18 per cent.
We asked the question many people do now when they contemplate their first home purchase: can we afford it?