Looking back at housing 40 years ago

By Joan Janzen

A look back at the housing industry forty years ago reveals a stark contrast to our present day circumstances. In a January 1984 article in The Clarion archives, two local lumber yard managers reported 58 houses were built in Kindersley the previous year, accounting for over $4 million of the $7 million in building permits issued during the entire year. Some of the start ups were attributed to grants that were provided as incentives for people to build.

This was just one of the 58 houses that had been built in 1983 in Kindersley, and local lumber yard managers were confident 1984 would surpass that amount of start-ups. Photo: January 18, 1984 issue of The Clarion

And the managers were confident 1984 would see a similar number of houses being built. The manager of Beaver Lumber had already received 40 inquiries from Kindersley and surrounding area for the upcoming year. The Bank of Commerce manager was also optimistic, as he noted there was a good indication there was far more interest being shown in new projects in 1984 than there had been the previous year.

Although there were no grants offered as incentives in 1984, the local lumber yard managers attributed the continued interest in housing start-ups was due to the reduction in interest rates. That year mortgage rates ran from 10 and a quarter percent for a one year term to 12 and a half percent for a five year term. Now remember, those were the reduced rates. Today the five-year fixed mortgage rate is 5.24 percent.