Social Media Revolution: Is social media a fad?

Or is it the biggest shift since the Industrial Revolution? This video details out social media facts and figures that are hard to ignore. This video is produced by the author of Socialnomics.

HST rebate explanation for home buyers
(Jessi’s simplified version)

• The 12% HST (5% GST & 7% PST) only affects new construction.
• Affects new construction purchases with ownership or possession on or after July 1st, 2010.
• Contracts before November 18, 2009 are not affected by HST regardless of closing date.
• A rebate is provided so homes below $525,000 pay no more tax then prior to HST.
• Maximum rebate is $26,250.

The concept of HST scares many people and I am asked about this all the time. That being said I put together a simplified version of how this will affect you. HST (Harmonized Sales Tax) is a new tax being introduced next year (2010) that will greatly affect real estate. Previously we were charged 5% GST on new construction, plus property transfer tax (if applicable), starting July 1st,2010 we must pay 12% (5% GST & 7% PST), plus property transfer tax (if applicable). Find this disturbing? I certainly do. Not a big surprise, the public doesn’t agree with HST on real estate and all of the sudden a rebate system pops up. Was this planned the entire time? Maybe, maybe not. Purchasers of new homes will be eligible for a rebate of up to 71.43%. Where this magical number came from is beyond me. That’s right folks, at best the government will be keeping another 28.57% of the previously provincial 7% tax. The new (as of November 18, 2009) HST threshold is now $525,000. When you exceed this number and purchase a mediocre downtown condo, the government feels you can afford more and maxes out your rebate at $26,250. What does this mean to you?

$600,000 Purchase price
+$72,000             HST
+$10,000             Property transfer tax
-$26,250               HST rebate
+$2,000                Closing costs (lawyer, etc)
=$657,750           Final cost

You are essentially paying $57,750 over the value of the home. Now don’t get me wrong, a good realtor will add that in the purchase contract but that only masks the tax. Thinking twice about purchasing new real estate now? I am. . If you purchase (close on your transaction) before July 1, 2010 you will not be affected by HST. Sales of new properties under written agreements before November 18, 2009 will generally not be affected by HST. This does not apply to the re-sale homes, however costs associated with the purchase will be also affected. Cost to sell is also affected because realtors must soon charge HST on commissions

OFFICIAL NEWS RELEASE

PROVINCE INCREASES NEW HOUSING REBATE THRESHOLD

VICTORIA – The Province is proposing to increase the threshold for the B.C. HST new housing rebate from $400,000 to $525,000 to ensure that, on average, purchasers of new homes up to $525,000 pay no more tax due to harmonization, Finance Minister Colin Hansen announced today.

“We heard the concerns from consumers and industry about how the HST might affect home buyers, and this increase will move the threshold to above the average new home price in the province. At $26,250, this provides the highest maximum provincial rebate in Canada,” said Hansen. “A similar rebate will also support the construction or substantial renovation of affordable rental housing.”

Purchasers of new homes would be eligible for a rebate of 71.43 per cent of the provincial portion of the HST paid on a new home, up to a maximum of $26,250. Homes above $525,000 would receive a flat rebate of $26,250. This enhanced rebate represents a 30 per cent increase in the threshold and maximum rebate available.

The Province is also proposing transitional rules for new housing. The provincial portion of the HST would not apply to sales of new homes where ownership or possession is transferred before July 1, 2010. In addition, sales of new homes under written agreements of purchase and sale entered into on or before Nov. 18, 2009, would generally not be subject to the provincial portion of the HST, even if both ownership and possession are transferred on or after July 1, 2010.

On July 1, 2010, British Columbia intends to adopt the HST, combining a seven per cent B.C. rate with the five per cent federal Goods and Services Tax. At 12 per cent, B.C. would have the lowest HST rate in Canada. It is estimated the HST would remove over $2 billion in costs for B.C. businesses, including an estimated $1.9 billion of sales tax removed from business inputs and an estimated $150 million annually in compliance costs.

For more information on the proposed transitional rules for new housing, visit www.gov.bc.ca/hst.

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BACKGROUNDER

THE ENHANCED NEW HOUSING REBATE, NEW RENTAL HOUSING REBATE AND TRANSITIONAL RULES FOR NEW RESIDENTIAL REAL PROPERTY

The Province is proposing an enhancement to the new housing rebate that was announced on July 23, 2009, and is proposing an enhancement to the new rental housing rebate. The Province is also proposing transitional rules for residential real property to provide information on the tax treatment of transactions that straddle the July 1, 2010 implementation date. The enhancement to the rebates and the transitional rules are described in more detail in the Tax Information Notice—Residential Housing: New Housing Rebates and Transitional Rules for British Columbia HST—HST Notice # 3.

Enhanced New Housing Rebate

The new housing rebate would be enhanced so that new homes purchased as a primary residence would receive a rebate of 71.43 per cent of the provincial component of the HST, paid up to a maximum of $26,250.

As a result of the decision to enhance this proposed rebate, purchasers of homes priced up to $525,000 would pay no more tax, on average, than under the current PST. Homes above $525,000 would receive a flat rebate of $26,250. This enhanced rebate represents a 30 per cent increase in the threshold and maximum rebate available.

Enhanced New Rental Housing Rebate

To support the construction or substantial renovation of affordable rental housing in B.C., the Province is proposing to provide an enhanced rebate for new rental housing, similar to the enhanced rebate for new homes.

The proposed rebate would be available for new rental housing, including investment properties to be rented out, for use as primary places of residence. This rebate would apply across all price ranges up to a maximum rebate of $26,250. Similar to the B.C. enhanced new housing rebate, the enhancement of the new rental housing rebate would ensure that, on average, new rental housing up to $525,000 would not be subject to any more tax due to harmonization than is currently embedded as PST in the price of new rental housing.

Transitional Rules for Residential Real Property

To help homebuyers and builders transition to the HST, transitional rules would be provided for new housing transactions that straddle the HST implementation date of July 1, 2010.

Generally, builders’ sales of newly constructed or substantially renovated homes would be subject to the provincial component of the HST where both ownership and possession of the home are transferred after June 2010. Grandparenting would be provided for certain contracts.

The proposed transitional rules for new housing, including builder reporting and disclosure requirements, would be administered by the CRA.

Grandparenting

Generally, sales of new homes under written agreements of purchase and sale entered into on or before Nov. 18, 2009, would be grandparented, such that these sales would not be subject to the provincial component of the HST and would not be eligible for B.C.’s housing rebates.

Grandparenting would be provided for newly constructed or substantially renovated single unit homes, including detached homes, semi-detached homes, and attached homes.

Grandparenting would not apply to traditional apartment buildings, mobile homes (including modular homes) and floating homes, as the general transitional rules would apply differently to those homes. However, these homes may qualify for B.C. housing rebates.

Transitional Tax Adjustment

Builders would be able to recover the provincial component of the HST payable on most purchases, as under the federal GST, with limited exceptions. However, builders of grandparented homes would generally be required to pay an amount—a transitional tax adjustment—based on the home construction or substantial renovation completed as of July 1, 2010. The transitional tax adjustment for grandparented homes is intended to approximate the amount of PST—approximately two per cent—that would have been embedded in the price of the home, on average, under the current PST regime.

PST Transitional Housing Rebate

Newly constructed or substantially renovated homes completed in full or in part prior to July 1, 2010, would have PST embedded in the price of the home, since building materials used in the construction of the homes are subject to PST. For non-grandparented homes that are subject to the provincial component of the HST after June 2010 and for grandparented condominiums, a PST transitional housing rebate would be available to provide relief in respect of the PST embedded in the home.

For further information, please refer to Tax Information Notice #3: http://www.sbr.gov.bc.ca/business/Consumer_Taxes/Harmonized_Sales_Tax/HST_Transitional_Rules.html.

Audio clips of Finance Minister Colin Hansen discussing the new housing rebate threshold are available online at www.mediaroom.gov.bc.ca/.

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For more information on government services or to subscribe to the Province’s news feeds using RSS, visit the Province’s website at www.gov.bc.ca.

HST (Harmonized Sales Tax) – how it works, the simplified version

The basic concept of the HST is to reduce the cost to create product before you pay for it. At present time, PST is applied at every step along the path to the creation of product. PST is generally charged many times before the product finally reaches your possession. HST essentially removes the taxes on the product creation and in tune provides the product at a lower cost. Will we really see this price reduction? It’s doubtful on the small stuff but probable on large ticket items (example: wood for construction, etc). Believe it or not but that one piece of 2×4 wood gets taxed many, many times before reaching you. Here are some examples taken from the Government of BC website:

• The plan is to take effect July 1^st, 2010
• The cost is 12% (5% GST & 7% PST)
• Lowering production costs could really help our exports
• This does not apply to the re-sale homes
• However, costs to purchase are taxed (example: appraisal, legal fees, etc)

Sooooooo, what do you have to say about this?

First off, I AM NOT A REALTOR. However I do receive access from time to time to special offers from being in the industry.

A new Development called the Mark will be going on sale on November 28th 2009.  Key Marketing & Onni have extended to my network the opportunity to purchase prior to the official release to Realtors and the general public.  This is a very exclusive opportunity to purchase the best selection of studios, 1 bedrooms and two bedroom units.

This project will be located at Seymour and Pacific, beside the 501.

AN ICONIC, ARCHITECTURAL MASTERPIECE

Consistently ranked as one of the world’s most livable cities, Vancouver welcomes a gem of architectural excellence to its enviable skyline. The Mark soon to become a residential land-mark in a city renowned for its beauty and natural advantages: a backdrop of mountains & water that provide a spectacular setting to a world-class cosmopolitan culture. At the axis of Vancouver’s most coveted communities, The Mark rises with a distinct profile to shape future horizons. Positioned to capture views across English Bay and beyond. Designed for inspired urban living and intelligent environmental sustainability. Come home to a modern master-piece. Located at Seymour and Pacific, The Mark will likely be the tallest tower in Yaletown at 41 stories with AIR-CONDITIONING and world-class amenities.  Floor plans are available!

Deposit 20% payable over 18 months. 5% upon signing, another 5% in 6 months, another 5% within a year and the final 5% within 18 months.

Amenities 8th floor:

• Pool
• Outdoor hot tub
• Dining hall, kitchen and patio

Amenities 3rd floor:

• Owners only wellness centre
• Big professional Gym
• Steam room & Sauna
• Spa treatment rooms
• 8000 sf Yoga / Pilates studio

Amenities 2nd floor:

• Lounge & private dining facility with commercial kitchen
• Playroom
• 4 Guest suites
• Conceirge

UNIT Features:

• Air-conditioning
• Open air balconies
• Floor to ceiling windows
• Oak hardwood flooring (engineered)
• Highly efficient washer and dryer
• AEG stainless appliances
• Solid stone composite countertops
• Custom cabinets
• Over height backsplash

Completion date is estimated to be 2012.

Please contact Jessi Johnson at 604 716 6474 ASAP if you would like a VIP viewing. I can put you in touch with the right person.

Take care!

Written for CMP (Canadian Mortgage Professional Magazine) at www.mortgagebrokernews.ca

Read the online version here: http://www.mortgagebrokernews.ca/news/38033/details.aspx

CLICK HERE TO SEE AND READ THE MAGAZINE VERSION !!

Social Media Entourage, by Jessi Johnson

The whole concept of social media can take on many different positions depending on the individual. To some this is just another fad and they can’t wait for it to pass, whereas others harness this opportunity and turn it into business. Many will argue the inception of social media has removed the personal touch that has succeeded within a significant portion of the old-school broker generation. I personally don’t see it this way, quite the opposite actually. The definition of social media is content created by people using highly accessible and scalable publishing technologies. Essentially a way to share and discuss information, whatever it may be. Use social media for entertainment, research, networking or education. I on the other hand proudly exploit this wonderful tool and use it to connect with clients, keep on their radar and have fun with free advertising. Let’s talk about that- anyone ever heard of Twitter?

Twitter is a website based on status updates. The content provider is limited to 140 characters and a common strategy is to “tag” others in your message to encourage interaction. This is done by typing “@ (insert user name)” and then your message. The recipient will hopefully see your message and now conversation has started. To succeed at Twitter is simple, just be yourself. Reality sells like those proverbial hotcakes these days and people adore sincerity. Paint a picture of what you are up to and intrigue followers with your daily operations. Don’t be shy to “tweet” but don’t over-tweet. No one wants someone filling up their Twitter page with updates every five minutes. One significant benefit I find with Twitter is that it allows you to casually communicate with your clients. Feel free to finish a conversation with “cheers” or “Ciao”. These words of familiarity are generally considered faux pas during business hours but sometimes helpful when trying to connect. Let’s look at Twitter from the mind of a business owner. Twitter showcases real-time updates. As a company, you can keep your followers up to date with products or interest rates by the minute (if you so desire). Why not facilitate sales by helping people with their questions or comments, rants or raves. Houston’s coffee retailer Coffee Groundz allows coffee addicts to order via Twitter. As a consumer on Twitter, you can provide reviews of the experience you just received and direct your comments to the company (or brokerage house). Want to master Twitter? Like any communication connoisseur, the key to this success is listening. Want to listen in on what others are saying? Perhaps follow who’s talking about you. Go to www.search.twitter.com and input your search request. Last but not least, curious why only 140 characters? SMS (texting) limits each message to 160 characters.  Twitter uses this popular perimeter while keeping space for a maximum 20 character username.

With over 200 million members, Facebook has crushed the previously popular myspace.com or friendster.com like a small bug. Myspace still holds huge market share but it’s not hot like Facebook. The social media giant known as facebook.com engulfs hours of time on a daily basis within the general public. This magnificent website allows you to share comments, pictures, video, friends and more. Posting isn’t as easy as Tumblr and less centralized but Facebook rocked the world and caused the tsunami that is kicking social media ass. Believe it or not, the average age on Facebook is over 50! No it’s not your children banging away on the keys- odds are it’s you. 75% of Facebook users are 24-65. Ever heard of an API? This wonderful tool is used to link websites together and allows them to communicate live. Facebook is packed full of API’s allowing you to upload one comment, newsfeed post or video and it automatically appears on sites like Twitter (comments only), Tumblr and many more. Need anything? Anything you can think of is obtainable from Facebook. Just post what you are looking for on your status update (just like Twitter) and wait for people to respond. Yes of course you need a database of friends, but this will undoubtedly grow with time. Some quick examples are: a score from the hockey game, a used TV, opinion on your new hair cut, mortgage rates or even (heaven forbid) a booty call. Yes it’s true, Facebook has it all. Consider Facebook’s newsfeed section the ultimate comment card. Once you post your opinion about something, it appears on everyone’s newsfeed. This is awesome! Especially when you are commenting on today’s killer mortgage rate, and someone who requires a mortgage broker notices and decides to contact you.

Do you enjoy Friday night drinks with colleagues? Perhaps networking is up your alley? Then you need to be on Linked in: social media for the business oriented. Maybe you are bored of the typical vapid comments that tend to linger around Facebook and Twitter. There is no beating around the bush with Linked In. You are there to network, connect and do business. Nothing else. Want to market your services to individuals in specific industries? Simply glam-up your user page and start connecting. This revolutionary networking site does everything from collecting testimonials to essentially posting your online resume. It literally is the epitome of networking online. Picking up the yellow pages and finding a phone number are a thing of the past. These archaic strategies used by the baby-boomers belong in a communication museum. Need a service? Look it up on Linked In. Hopefully what you need is available in your network and now you just linked together a new connection. Linked In allows a business (or individual) to post what they offer. More importantly, it allows others to discuss their experiences with your company. The conveyance of easily viewing a testimonial is huge, but it means a great deal more when your friend or colleague is the author. 78% of people trust peer recommendations while only 14% trust advertisements. Word of mouth is your best advertising, or should I say world of mouth. Did you know that many companies use this site as a resource to find staff? This could save you tons of time with your new assistant job search. If you ask me, I think you owe me a beer!

And the next biggest thing is…. Tumblr! Take the best of WordPress blogging and Blogger into one, you have Tumblr. Don’t know what these sites are? It doesn’t really matter. All you really need to know is what a blog is. The definition of a blog is a shared online journal where people can post diary entries about their personal experiences. Tumblr is a blog based website that makes blogging easy and is a great way to have an identity online. Much like your own website but with more personality, Tumblr even allows you to use your own domain name and essentially create for a free site.  With over 800,000 users, this site uses web-based technologies to transmit media monologues into newsfeeds, blogs, podcasts, wall-postings and more. Tumblr is more like a scrapbook of stuff you find on the internet; videos, pictures, quotes, etc. I personally look at Tumblr as a reality website where people can see my collection of thoughts. What is going on in the world of Jessi Johnson? Check me out on Tumblr. To be honest, my Tumblr account is lacking. I just started getting into it and it pales in comparison to the fifteen hundred “friends” I have on Facebook. Some may think it would be harder to drum up business on Tumblr but just like any blog, if you produce good content, they will come.

Social media is like riding a bike: at first it will scare the shit out of you but once you get on, it’s pretty cool. Don’t get yourself lost in hundreds of websites, spend your time on a few until you properly understand what they have to offer. Social media has the capacity to reach large or small audiences at virtually no cost. Whether its a blog post or internet TV show, the expense can be minimal for the potential maximal payback of exposure to millions. Social media isn’t a fad but a fundamental shift in the way we communicate. Well orchestrated social media marketing transforms into website traffic, public awareness and potential sales. Last but not least, encourage people to follow you on these wonderful social media sites from your website.  There is a world of opportunity out there, don’t be left behind and start building your social media entourage today!

Want to follow me? Just click on the logo’s at www.jessijohnson.com

<< SIDE NOTES >>

Twitter.com

1. Based on status updates (140 characters or less)
2. Founded in 2007
3. 63% of Twitter users are male
4. The most active Twitter use is Kevin Rose with 1,176,770 followers

Facebook

1. Originally invented to quickly locate other students
2. Build a network of friends, family, clients and associates
3. Has over 6 times of population of Canada for members
4. More than 1.5 million pieces of content are shared on Facebook, daily!

Linked in

1. Specifically designed for networking
2. Use client testimonials to generate business
3. Need a service? Look it up on Linked in
4. Many companies use this as a resource to find staff

Tumblr

1. This will be BIG and pretty quick
2. A blog based website that makes blogging easy
3. A great way to have an identity online
4. Like your own website but with more personality

Written for BC Real Estate Convention: www.bcrealestateconvention.com

Read the November’s full newsletter here: http://www.bcrealestateconvention.com/html/newsletter/newsletter-118.html

The Social Media Club, care to join?

by Jessi Johnson

There is a new wave of communication powering through the world, some call this web 2.0 while others call it the not so secret social media club. Membership has no limitations and the possibilities are endless. The second generation of this thing we call the World Wide Web (www) is cruising at full speed and I suggest you join the ride. Some fear social media while others embrace its greatness and enjoy the benefits. Depending on the individual will dictate the use. Some fancy easy communication with friends, picture sharing and an opportunity to showcase their podcast creations. Others enjoy reading countless blogs and absorbing the fascinating opinions of today’s Web 2.0 authors. I, on the other hand use this powerful tool to “stay on the radar” with friends, family and colleagues. Whether it is for personal or business use, social media is an outstanding way to keep in contact. Especially for someone like me who works ridiculous hours and picking up the phone to touch base isn’t as easy as one would think.

Let’s play a game; what social media site has over 6 times of population of Canada for members with the average age being over 50? Please tell me you are one of the over 200 million members who have a Facebook account! Did you know that many promoters these days choose Facebook over every other form of marketing for their events? Those countless event invitations may be annoying but they are also a beautiful thing when you are trying to promote your networking event or seminar. Facebook first grow in popularity when old classmates desired to look up their friends online. Suddenly keeping tabs on friends was much easier, especially through the simplicity of sharing pictures and video. The Facebook status updates soon evolved into a concept called Tweeting. An entire website was created so in 140 characters or less you could update your network as to what you are doing, where you are going and your thoughts. This website is called Twitter is essentially the epitome texting to the masses. Share links and thoughts on what’s currently going on in your mind. You will find your opinionated sentences fall into the casual conversation category which can be a refreshing break from a busy day.

There are many social media sites in this sea of cost free communication; it’s what you do with them that counts. If you ask me, Tumblr is the next big thing. Without the blogging limitations of Facebook or Twitter, Tumblr is the next wave of personalized blogging and establishing your own personality online. Easily start communiqué with this blog based website through sharing an article, picture or video. If you are too cool for Facebook, Twitter or Tumblr than at least give Linked In a chance. This social media site is specifically for networking and caters to the professional adult crowd. I will give you a suggestion; it works well for recruiting new staff!

Social media sites may appear as a trend but I assure you this fashion won’t get away anytime soon. Stay connected with your network through social media and be heard!

Want to follow me on social media? Just click on the attached links and join my network:

Follow me on Facebook

Follow me Twitter

Follow me Linked In

Follow me Tumblr

“We didn’t think we were ready to get into the market, but Jessi showed us how we could structure the financing and make this major step forward in owning our own home.”

Cheryl McDonald

“Don’t go to the bank, call Jessi!”

Barry & Bridget Davison

“Honesty, integrity & professionalism … I would certainly seek his help again in the future.”

Beth Edwards

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