Peter Lougheed was born in Calgary on July 26, 1928, the son of Edgar Donald Lougheed (1893–1951) and Edna Alexandria Bauld (1901–1972). His paternal grandfather was Sir James Lougheed, a successful lawyer, federal cabinet minister, and senator. James accumulated a sizable fortune before his death in 1925, but the Great Depression wiped out much of it, and the first years of Peter's life were spent moving from one rented accommodation to another. He was educated at the Strathcona School for Boys, Earl Grey School, Rideau Park School, and the Central Collegiate Institute, all in Calgary. At the last of these, he proposed the formation of a students' union and became its first president. He also excelled at sports, particularly football.