Storm tracker group confirms rare tornado touchdown on B.C.’s Sunshine Coast

VANCOUVER – Canadian retailers say their frustration is growing with the lack of movement to resolve disruptions at Canada’s two largest ports, including silence surrounding a lockout at British Columbia ports that is into its fourth day.

Matt Poirier with the Retail Council of Canada says there “doesn’t seem to be any urgency” in resolving the disputes in B.C. and Quebec and it may result in empty shelves as the holiday season approaches.

Poirier describes the situation as a “triple-threat” of labour disruptions, referencing uncertainty at Canada Post, the ongoing lockout of unionized workers at B.C. ports including Vancouver, as well as a strike that has closed two container terminals indefinitely in Montreal.

Poirier says retailers could face a “staggering” impact on the holiday season “where every delivery counts,” with four days of port disruptions potentially equating to about a month in delays due to ripples in the supply chain.

In B.C., the lockout by the BC Maritime Employers Association at container port facilities across the province is being met with silence from all sides.

The employers say no talks have taken place or are scheduled with either mediators or the union representing about 700 foremen — a situation described as unusual by labour expert Mark Thompson, who is a retired University of British Columbia professor.

He says it appears the employers are “playing hardball” by making what they call a final offer to the union, but the federal government has been hesitant to intervene beyond mediation because the right to strike is protected in the Canadian constitution.

“I think we’re in a kind of dance out there,” Thompson said. “Somebody’s waiting for the other side to say chicken, and it hasn’t happened yet.”

The International Longshore and Warehouse Union Local 514 has said there are no updates on the situation and picketers remain at terminal sites across B.C.

A spokesman at the office of federal Labour Minister Steven MacKinnon referred questions on Wednesday to a social media post by the minister on Nov. 2.

MacKinnon said in the post on social media platform X, formerly known as Twitter, that he spoke with both sides of the dispute and emphasized “it is the responsibility of the parties to reach an agreement,” a point he repeated on Monday in question period at Parliament.

The dispute over issues such as port automation’s effect on unionized workers has been simmering since last year when the previous agreement between employers and the union expired in March 2023.

It comes on the heels of a separate dispute last year between employers and cargo workers that resulted in a strike that froze B.C. ports for 13 days.

The Port of Vancouver — the largest in Canada — has also experienced a disruption involving railways in August and another with grain terminal workers in September.

Meanwhile, Vancouver Fraser Port Authority president and CEO Peter Xotta was set to speak at a pre-scheduled event on the state of the port at the Greater Vancouver Board of Trade.

This report by The Canadian Press was first published Nov. 7, 2024.

The Canadian Press. All rights reserved.

Average asking rents declined nationally on a year-over-year basis for the first time in more than three years in October, said a report out Thursday.

The report from Rentals.ca and Urbanation found average asking rents across Canada sat at $2,152 in October, down 1.2 per cent from the same month in 2023 — the first national decrease since July 2021.

The decline is mainly concentrated in Canada’s major urban centres, with cities like Toronto, Vancouver, Calgary, and Montreal seeing rent decreases.

Urbanation president Shaun Hildebrand said it is rare for rents to decline year-over-year at the national level.

“This is happening as the key drivers of rent growth in recent years — a strengthening economy, quickly rising population, and worsening homeownership affordability — are beginning to reverse,” said Hildebrand.

“As a result, we can likely expect this trend for rents to continue in the near-term, particularly as apartment completions remain at record highs.”

B.C. and Ontario recorded the most significant annual rent decreases among the provinces, with the former seeing average asking rents for apartments down 3.4 per cent to $2,549 and the latter recording a 5.7 per cent drop to $2,350.

Rents rose 17.1 per cent in Saskatchewan, which remained the fastest-growing province in the country in terms of asking price, after seeing 23.5 per cent annual growth in September.

By city, Toronto recorded the largest annual decline in asking rents for apartments in October, at 9.2 per cent, to reach an average of $2,642. Vancouver saw an 8.4 per cent year-over-year rent decline to an average of $2,945, while Calgary apartment rents fell 4.7 per cent to $1,995.

In Montreal, average rents were down 2.9 per cent at $1,987. Ottawa apartment rents held steady with a 0.4 per cent annual increase to reach $2,207.

However, Edmonton led rent growth in Canada’s largest markets as apartment rents rose 8.4 per cent annually to an average of $1,584.

Based on the report, the average asking rent for a one-bedroom unit in Canada was $1,923 in October, down 0.8 per cent from a year ago. The average asking price for a two-bedroom unit was $2,308, down 0.2 per cent.

Overall, asking rents for purpose-built rental apartments in October rose 1.7 per cent compared with a year earlier to reach an average of $2,100.

Meanwhile, condominium apartment rents, which averaged $2,265, were down 3.8 per cent.

This report by The Canadian Press was first published Nov. 7, 2024.

The Canadian Press. All rights reserved.

Quebecor Inc. says it recorded its best quarter for wireless customer acquisitions in its history during the three-month period that ended Sept. 30, though it reported its profit and revenue edged lower.

During the quarter, Quebecor said it added 132,100 mobile phone subscriptions, compared with an increase of 88,700 in the same period of 2023 — an increase of 3.4 per cent year-over-year.

The company said it now has a total of more than four million wireless connections under its Videotron, Freedom Mobile and Fizz brands.

Chief executive Pierre Karl Péladeau called it an “important milestone” for Quebecor, adding his company’s long-term strategy to act as a “lower price, better and faster alternative” to Canada’s Big 3 telecom companies is paying off.

“We continue to outperform our competitors,” Péladeau told analysts on the company’s third-quarter earnings call on Thursday.

“We have created a healthy, competitive environment, giving Canadians more choice, lower prices and better experience.”

But Quebecor said its net income attributable to shareholders amounted to $189 million or 81 cents per share for the quarter. The result compared with a profit of $209.3 million or 91 cents per share in the same quarter last year.

Its adjusted income from operating activities amounted to 82 cents per share, down from 88 cents per share in the same quarter last year. Revenue for the quarter totalled $1.39 billion, down from $1.42 billion a year earlier.

Péladeau said Quebecor’s long-term strategy comes with “short-term sacrifices.”

“We are confident that our business model of putting the customer first will always prevail, as proven by our momentum that keeps improving,” he said.

Quebecor reported its mobile phone average revenue per user (ARPU) was $35.31 in the third quarter, down $2.29, or 6.2 per cent, from the third quarter of the prior year.

It said that was mainly due to higher promotional discounts, lower overage revenues and a change in the customer mix, including the dilutive effect of Freedom’s and Fizz’s prepaid services.

“Realistically, we do not expect ARPU growth until we reach a better balance between our brands, but we anticipate that customer growth would largely offset the pressure on ARPU,” said Péladeau.

Desjardins analyst Jerome Dubreuil called Quebecor’s ARPU decline “weak,” with the figures slightly worse than forecasted. He said the results show that competitive dynamics in the industry are “also apparent for the challenger.”

But he noted the company appears motivated to maintain pressure on its three largest competitors through “aggressive pricing” on its Freedom Mobile wireless plans.

“In light of current wireless pricing and Quebecor’s decent margins, we believe Quebecor continues to be well-positioned with its Freedom offering for either market share gains or improving ARPU performance,” Dubreuil said in a note.

Chief financial officer Hugues Simard said the company’s potential to grow its ARPU would depend on the future of an ongoing “price war” in the Canadian telecom market.

He said Quebecor has been “disciplined” in its back-to-school offers along with its plans for upcoming Black Friday promotions.

“We can’t speak for our competitors. If they go crazy again, or if they continue to go crazy in Quebec, then I’m not sure where ARPU is going to end up,” said Simard.

“We’re doing our share and now I think the ball is in the incumbents’ court.”

Although Quebecor did not disclose exact figures for its customer churn — a measure of subscribers who cancelled their service — Simard said it was lower across all its brands from last year.

On a monthly basis, he said churn was just above one per cent for Videotron and around 1.5 per cent for Freedom Mobile and Fizz.

This report by The Canadian Press was first published Nov. 7, 2024.

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