Bank of Canada Meeting & Notes
The Bank of Canada kept its target for the overnight rate at 2.25% this past week, which means the Prime Rate will stay at 4.45% for the next 6 weeks. The Bank noted that the conflict in the Middle East is now in its fourth month, contributing to higher energy prices and supply chain disruptions that are slowing global growth and increasing inflation. In Canada, GDP declined by 0.1% in the first quarter and consumer spending grew 1.4%. Employment has changed little since the beginning of the year. The unemployment rate remains in the 6½%–7% range, with the most recent reading at 6.6% in May.
Inflation rose to 2.8% in April, largely due to higher oil prices and the effect of the consumer carbon tax no longer lowering the annual inflation rate. The Bank stated that there is only limited evidence that higher energy costs are spreading to other consumer prices. Measures of core inflation have fallen to around 2%, while food price inflation has moderated and housing inflation continues to slow. With global oil prices remaining about $10 per barrel above the assumptions used in the April Monetary Policy Report, overall inflation is expected to remain around 3% in the near term before gradually easing toward 2%. As a result, the Governing Council decided to maintain the policy rate at 2.25% while continuing to monitor economic conditions and inflation risks.
YMS $10,000 Pro AM Charity Hockey Tournament
We held the 6th annual YMS Pro AM Charity Tournament this past May. This tournament ran over 3 days and was very successful with over 80 players and hundreds of fans attending the event. During the 6 years of the tournament, it has drawn many top players from a variety of league including the NHL, AHL, Europe Pro and NCAA Division 1. Five teams were competing for $10,000 in funds to be donated to charity. The YMS Stars took home first place winning all 6 games. The Stars chose the Abbotsford Minor Hockey Benevolent Fund as their charity and donated $7,500 to help underprivileged youth play the sport.
Other charities supported included $1500 to the BC Children’s Hospital Cancer Centre, $500 to the Hope IceBreakers Hockey Association and $500 to Brain Cancer Canada. In addition, we made a donation of $1000 to the Abbotsford Food Bank plus almost a whole recycling bin full of food donations.
We want to thank all of our sponsors for the event as well. They helped make this a truly great experience for our players as well as helped out our charities. All of our sponsors will remain on our website for the upcoming year. A full list can be found here: www.ymscanada.ca/pro-am-charity-hockey-tournament/. The dates for our next tournament are set for May 28 to 30, 2027.
If you need more information regarding mortgages or if you need any advice on your personal situation please contact our office at 604-556-3893 or email at alex.kotai@ymscanada.ca.
For more information on our mortgage products and your preferred Abbotsford Mortgage Broker please visit our website at www.ymscanada.ca.
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