That was the year mortgage rates reached levels that now seem like a plot of some oppressive force designed to terrify the population into submission. For several months, both one- and five-year fixed-rate mortgages were in the high teens and even, for a while, above 20 per cent.
http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/comparing-canadas-housing-market-with-the-high-rates-of-1981/article25169755/