The number of housing starts in urban areas across Canada was down nine percent in April to 18,486 units, the Canada Mortgage and Housing Corp. reports, from 20,231 units in April 2023. The year-over-year decrease was driven by lower multi-unit starts, down 11 percent, while single-detached starts increased by three percent. April’s actual housing starts were lower in all three of Canada’s largest cities due to decreases in both multi-unit and single-detached starts.
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Home Depot misses Q1 estimates
The Home Depot reports that Q1 revenues fell 2.3 percent to $36.42 billion, just shy of analyst estimates of $36.65 billion. On a per-share basis, earnings of $3.63 were in line with an expected $3.59. Comp sales declined for the sixth consecutive quarter, down 2.8 percent as compared to a projected 2.09 percent dip. CEO Ted Decker noted that a late spring impacted the retailer’s results, while homeowners have slowed spending on discretionary projects.
Got a spare $51 million? You could buy this former RONA big box in Toronto
Not long after RONA inc. was acquired by Sycamore Partners, a private-equity firm in New York City, at the beginning of 2023, the company consolidated a few of its big boxes in Canada. One of the closures was this former 113,000 sq. ft. RONA Home & Garden in the Golden Mile area of Scarborough, a suburb of Toronto. It is now on the market by Navona Investor Services using the commercial real estate firm Avison Young. They are asking a lease price of $19.95 per square foot (source: Avison Young) or for purchase at $50.9 million (source: React News, a real estate news service).
Techniseal salutes GM’s 35th anniversary
Sylvain Dulude marks 35 years at Techniseal this year. The company is celebrating this milestone for its VP and general manager, who started out in 1989 as head of operations. “Throughout his career, his innovative spirit, leadership abilities, and unifying qualities have instilled strength and demonstrated his commitment,” Techniseal stated in a release.
New HR Advisor looks at ecology, neurodiversity
The latest issue of Hardlines HR Advisor hits inboxes this week. In this edition, we explore the importance of green initiatives and how one manufacturer is serving autistic customers. If you’re not already receiving HR Advisor, click here to sign up for free!
Quebec’s labour tribunal green-lights first Amazon union in Canada
Workers at Amazon’s DXT4 warehouse in Laval, Que., can unionize, says the province’s labour tribunal. The CSN (Confédération des syndicats nationaux) gave its ruling on Friday. The CSN says that employees are dissatisfied by what they claim is a hectic work pace, low wages, and inadequate health and safety measures. Amazon says it will contest the decision in a hearing set for June 10. If a union is formed, it will be the first Amazon fulfilment centre to unionize in Canada, where the company has some 25 such facilities.
Barbara M. Agrait, an Amazon spokesperson, sent her company’s official statement to Hardlines: “We believe it’s important for all employees to have their voices heard, but card check auto-certification does the opposite. For example, if someone joins a union at a previous employer or before being hired by Amazon, the law assumes they want that union to represent them at any future employer – whether they actually want that or not. And if a simple majority of people at an employer have joined a union at any point (whether while there or at a previous company), then there’s no vote and representation is automatic for all employees – including maybe dozens or hundreds of employees who didn’t even know it was being considered. We believe everyone should have the right to get informed and vote based on their current circumstances and beliefs – just like they do in any other type of election.”
Building permits slide in March
The value of building permits in Canada decreased 11.7 percent to $10.5 billion in March compared to the previous month. Construction intentions in the residential sector decreased by 8.3 percent to $6.5 billion, led by a 13.7 percent decline in Ontario. Five other provinces, however, saw residential permits increase, including Quebec and Manitoba. Across Canada, 4,200 new single-family homes were authorized in March.
In memoriam: film producer Roger Corman
B-movie master Roger Corman died last week at the age of 98. The producer of nearly 400 films and director of more than 50, he was “mostly synonymous with schlock,” in the words of one obituary. Yet he helped to launch the careers of stars from Ron Howard, Jack Nicholson, and Dennis Hopper to Robert De Niro and Sylvester Stallone, as well as directors including Francis Ford Copolla, Peter Bogdanovich, and James Cameron.
Film titles, often thought up for their appeal to teenaged drive-in movie patrons before a story was even developed, included Creature from the Haunted Sea, The Wasp Woman, Attack of the Crab Monsters, and X-The Man with the X-Ray Eyes. His filmography also included House of Usher (1960), listed on the U.S. National Film Registry in 2005, and the 1977 film adaptation of I Never Promised You a Rose Garden. Corman was recognized with an honorary Oscar in 2009.
Home Hardware CEO Kevin Macnab announces retirement
Hardlines has learned that Kevin Macnab, president and CEO of Home Hardware Stores Ltd., has announced his intention to retire.
Macnab took the helm at Home Hardware in October 2018 and during his tenure there navigated the company through major changes in fulfilment, staffing, and organization. He successfully brought the company to its 60th anniversary this year—only the fourth CEO at Home Hardware in all that time.
(We’ll have more on Macnab’s retirement in this coming Monday’s edition of our flagship publication, Hardlines Weekly Report. Don’t miss it!)
Doman posts Q1 results
Doman Building Materials Group Ltd. said this week its Q1 revenues fell by 1.1 percent to $602.5 million, from $609.1 million in 2023. The company attributed the decline to a slowing construction materials market, along with declining lumber pricing. Net earnings of $14.4 million were down from $14.9 million a year earlier.