My first home had an interest rate of almost 13 percent in 1992.  Much of Toronto was too pricey for me then and I bought a power of sale house which was affordable.  That was the start of a correction.  The late 80's and early 90's saw speculators buying up homes and condos and flipping them for lots of money. often without living in them.  I did not enter the market at that point, there was no way I could afford to.  Once the correction came and houses lost at least 20 percent of their value, I was able to buy.