Milton grew up under the watchful eyes of his father, who had plenty of good ideas but could not seem to succeed in business. He dropped out of school at just 13 years old and started a confectionery company in Philadelphia, using money his aunt gave him – determined to succeed.

The candy company failed after a few short years, as did a second candy company he started just a few years later.

Almost broke, he started a third venture, the Lancaster Caramel Company, that grew rapidly in the first years of business— he then sold it to his biggest competitor for $1 million in 1900 and got to work building a new chocolate factory. At one point, the company made 114 different types of chocolate, before developing the simple “Hershey” chocolate bar known worldwide today.

The beloved chocolate bars were merely an end to his true goal, which was bettering the world.

Milton was most proud of the school he and his wife Catherine created for orphaned boys. He gave all of his wealth to the school a few years after Catherine passed away and established a trust to ensure their vision remained in tact for years to come.

When asked, late in his years, about the secret to success he offered this: work hard, stay focused, and treat people right.

Sweet, indeed.

Canadian housing starts increased by 3.2% m/m to 275.9k units in May at a seasonally adjusted annual rate (SAAR). Starts hit a record in March of 333.3k before declining somewhat in April. Single-detached housing starts declined 12% from April, while all other housing starts rose 11%. National housing starts were up by 41% compared to the same time last year and the six-month moving average level of starts is trending at an elevated level of 281,000 units SAAR.

In BC, housing starts rose 19% m/m to 45.2k units SAAR in all areas of the province, but remains below a record March that saw new homes constructed at a nearly 71K unit annualized pace. Building activity was up 30% in the multi-unit segment, while single-detached starts were down by 10%. Compared to the same time last year, housing starts were up by 17% in BC.

For more information, please contact: Gino Pezzani.

Vancouver, BC – June, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 12,638 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May 2021, an increase of 178.2 per cent over May 2020 when the onset of the COVID-19 pandemic prompted a lockdown of the provincial economy. The average MLS® residential price in BC was $916,340, a 26.2 per cent increase from $726,335 recorded in May 2020. Total sales dollar volume was $11.6 billion, a 251 per cent increase from last year.

“Provincial housing markets continue to calm after peaking in March,” said BCREA Chief Economist Brendon Ogmundson. “The implementation of a stricter mortgage stress test in June may have a minor impact on home sales but we expect strong market activity over the second half of the year."

Total active residential listings were down 17 per cent year-over-year in May and dipped lower on a seasonally adjusted basis following two prior months of rising active listings.

“On the supply side, markets in the Lower Mainland are seeing a strong supply response, with new listings rising,” said Ogmundson, “however, new listings in markets outside of Metro Vancouver have started to flatten out.”

For more information, please contact: Gino Pezzani.

The COVID-19 pandemic spotlighted the importance of having a healthy immune system.

However, the Times Now News website reminds us that these foods can help everyone fight off infections more easily:

• Vitamin E. An antioxidant, this nutrient helps the body fight off infection by neutralizing free radicals. It also helps your body’s cells regenerate. Vitamin E can be found in vegetable oils, nuts, seeds, and avocados.

• Vitamin D. Naturally created through exposure to sunlight, this vitamin is phenomenal at supporting bone growth and helping the body absorb calcium. Vitamin D is naturally found in red meat and oily fish, and it is also a commonly added supplement to many cereals.

• Protein. Protein contains amino acids essential for the function of T cells, which protect the body against pathogens. A diet with lots of protein can boost metabolism and also reduce appetite, aiding in weight loss. You'll find protein in meats, poultry, seafood, eggs, beans, nuts and seeds.

• Vitamin A. Known as beta carotene, this boosts the health of the intestines and respiratory system, protects eyes from night blindness and age-related decline, lowers the risk of certain types of cancer, and improves bone health. You can find vitamin A in carrots, sweet potatoes, spinach, broccoli, and red bell peppers.

• Vitamin C. This helps stimulate the formation of antibodies. The body doesn’t produce or store it, making daily consumption essential to health. Fortunately, vitamin C is found in many foods, like fruits including lemons, oranges, grapefruits and strawberries, as well as vegetables such as bell peppers, spinach, kale, and broccoli.

The Bank of Canada maintained its overnight rate at 0.25 per cent this morning, a level it considers its effective lower bound. The Bank reiterated what it calls “extraordinary forward guidance” in committing to leaving the overnight rate at 0.25 per cent until slack in the economy is absorbed and inflation sustainably returns to its 2 per cent target. The Bank projects that will not occur until the second half of 2022. The Bank is also continuing its quantitative easing (QE) program, purchasing at least $3 billion of Government of Canada bonds per week. In the statement accompanying the decision, the Bank expects that growth should pick up considerably after the second quarter in which growth was hampered by renewed lock-down measures. On inflation, the Bank expects to see headline CPI growing at near 3 per cent for much of the summer, though largely due to “base-year” effects as prices in the recovery are measured against prices, particularly gasoline prices, from last year during the COVID-19 induced recession. However, the Bank expects inflation will ease later in the year.

The most recent inflation data, as measured by the Consumer Price Index (“CPI”), showed a significant uptick of inflation to its highest level in a decade at 3.4 per cent, though largely due to a jump in energy prices compared to the early months of the pandemic. The question of whether higher than usual inflation is a temporary or more persistent is currently one of the most hotly debated topics in economics. The answer has significant implications for the conduct of monetary policy in Canada and therefore the trajectory of Canadian mortgage rates. The prevailing majority view on inflation seems to be tilted toward recent increases being a temporary phenomenon which should settle over the next year. If so, we should see an orderly unwinding of monetary stimulus with a gradual upward trajectory for mortgage rates beginning next year.

For more information, please contact: Gino Pezzani.
Link:  https://mailchi.mp/bcrea/bank-of-canada-interest-rate-announcement-june-9-2021