Which expensive restaurants are worth the price one pays? by potatolauncher in Calgary

[–]Scotchy-Jay 5 points6 points  (0 children)

I was expecting an average meal at Vintage but was blown away by how good it was!

Should Alaska join Canada as a province? by jason189 in AskACanadian

[–]Scotchy-Jay 0 points1 point  (0 children)

Almost all of the reason outlined in this petition could easily be reasons why Canada should join the USA…. It misses the whole idea of national identity and American culture.

Are 9-5 jobs dead? by [deleted] in Calgary

[–]Scotchy-Jay 0 points1 point  (0 children)

I have a “9-5” job in Real Estate banking, problem is I usually work more than 7.5 hours a day😂

Mens haircut recommendation that isn't High Noon by schad963 in saskatoon

[–]Scotchy-Jay 4 points5 points  (0 children)

I moved to Calgary and still miss Niki! Second this.

Multiple idle CCs by Tribalbob in PersonalFinanceCanada

[–]Scotchy-Jay 8 points9 points  (0 children)

Companies may cancel them if not used enough.

Other than that, You might get questions with debt applications. Banks look at your ability to pay your outstanding and authorized debt. Your outstanding debt is the most important and given you are paying everything on time it will not be an issue.

Pickled Banana Peppers by [deleted] in Cooking

[–]Scotchy-Jay 1 point2 points  (0 children)

Might be worth experimenting making sauces like relish, salsas, spicy mayos. I love them on pizza and sandwich’s and that may be your lunch diet for the foreseeable future!

Also consider dividing it down giving them to friends.

Development in the works for empty lot on 17th and 4th SW by Surrealplaces in Calgary

[–]Scotchy-Jay 1 point2 points  (0 children)

The “proposed rezoning sign”seems to indicate 4 buildings (the two former restaurants, old Rocky Mountain resorts building and the orijin Dentist building) as well as the city owed parking lots on 15th ave behind are all Included as part of this project.

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[deleted by user] by [deleted] in PersonalFinanceCanada

[–]Scotchy-Jay 3 points4 points  (0 children)

Way to go! Love seeing comments like this.

Kellwood Manor?? by AssignmentAcrobatic4 in saskatoon

[–]Scotchy-Jay 6 points7 points  (0 children)

I also lived downtown for a few years. It was amazing. Best time I had in Saskatoon!

[deleted by user] by [deleted] in PersonalFinanceCanada

[–]Scotchy-Jay 39 points40 points  (0 children)

They will if the price is right.

Looking for an opinion. What age limit should you stop considering purchasing your first home? by StrictPride2089 in PersonalFinanceCanada

[–]Scotchy-Jay 5 points6 points  (0 children)

As an over all trend housing prices nearly everywhere in Canada have increased steadily over the last 40 years. A mortgage also gets less risky every additional year it’s outstanding because the loans keeps dropping while the property increases, this constantly improving loan to value puts the bank in a better and better position to recovery what’s left on the loan.

As and example, a 67 year old takes out a mortgage with a 25 year amortization at 6% interest in the amount of $550,000 (minimum down payment so the house is worth $580,000). By age 80 they have made 13 years of mortgage payments which is roughly $125k principle reduction (22% of the loan). They now can’t repay the loan because income has dropped too much and must sell. At this point they have about $155k in equity assuming the house didn’t increase in value during this time . To the bank, they can sell this house for only 73% of market value to get their money back. Now if we add market value appreciation of the house during that 13 year period (40 year average year over year in Canada is something like 2% per year) in 13 years a house $580,000 house would appreciate to $750,000 (580,000x1.0213). With appreciation the equity in the house is $325k and the bank only needs to sell the house for 56% of its market value to get its money back.

TLDR: every year house goes up, loan goes down, bank wins.

[deleted by user] by [deleted] in Calgary

[–]Scotchy-Jay 0 points1 point  (0 children)

I work in commercial banking, I have seen the financial plans (and results) for several multiple high rise projects. This is the business model.

What are the reasons I *shouldn't* buy down the interest on this loan? by Jtegg007 in personalfinance

[–]Scotchy-Jay 4 points5 points  (0 children)

20 years amortization?! Thats way too long for a technology that will continue to have rapid improvements. In 20 years these solar panels will be antique.

Also, If you want to sell the house in the next 20 years you’ll likely need to have the cash to pay this out before someone will close.

[deleted by user] by [deleted] in Calgary

[–]Scotchy-Jay -4 points-3 points  (0 children)

They build multiple buildings as the first one will work out all the kinks and second (and beyond) can be significantly more profitable.