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While high interest rates have boosted the banks' lending margins, residential mortgages, auto loans and commercial real estate loans have slowed as consumers and businesses pulled back. With interest rates forecast to remain high, renewal of the mortgages will squeeze household budgets. Banks are also rethinking lending to industries sensitive to high interest rates, from condo development to office space. "We want to make sure we have some kind of confidence when a project is going to go ahead," said Victoria Girardo, Canadian Western Bank's (CWB.TO) VP in real estate lending. "That is creating liquidity issues across the real estate developer space.

Persons: Carlos Osorio, Ebrahim Poonawala, Mike Rizvanovic, Rizvanovic, Banks, Victoria Girardo, Nigel D'Souza, Nivedita Balu, Mark Porter Organizations: Bank of Montreal, REUTERS, Rights TORONTO, U.S, National Bank, Bank, Veritas Investment Research, Thomson Locations: Toronto , Ontario, Canada, Toronto

☆ Canadian West Coast ports strike to be decided in all-union vote on Tuesday
▼ + stars: | 2023-07-21 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +4 min

The fate of operations at West Coast ports in Canada will be decided on Tuesday, July 25, when rank-and-file members of the International Longshoremen and Warehouse Union Canada will vote on a tentative deal with port ownership. The plan to send the deal to a full union vote comes after a week of confusion and turmoil at the ports. For the vote, work will stop from 8 a.m.-4 p.m. Pacific Time on Tuesday across all ports. Weekly rail trade data aggregated by the American Association of Railroads reveals a total decrease of 82.4% in rail trade over the course of the 13-day strike. When the first strike ended on its thirteenth day, delays for rail containers were estimated at 39 to 66 days.

Persons: Seamus O'Regan, Vancouver and Prince Rupert, Eric Byer, Byer, Destine Ozuygur Organizations: Warehouse Union Canada, Canadian, British Columbia Maritime Employers Association, Canada's Labor, Logistics, CNBC, American Association of Railroads, Railway Association of Canada, Port, U.S . Trade, U.S, The National Association of Chemical Distributors, Canadian National Railroad, Government, Trade Locations: West Coast, Canada, British, Vancouver, U.S, Port of Vancouver, West, United States, eeSea

☆ Canadian West Coast ports strike is over, but it will take weeks for supply chain to recover
▼ + stars: | 2023-07-13 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +7 min

Darryl Dyck | Bloomberg | Getty ImagesThe strike at the Canada's West Coast ports is over, after both the labor union and port ownership accepted a deal presented by federal mediators. ILWU Canada union workers were expected to be back on the job for the 4:30 p.m. Pacific time shift on Thursday, but undoing the damage to the supply chain from close to two weeks of strike will take weeks. While the production ramp down at the ports was seen immediately, the congestion as a result of the 13-day strike will have a lasting effect on ports. The International Longshoremen and Warehouse Union of Canada begin its strike on July 1. The ports strike has already damaged the U.S. supply chain.

Persons: Darryl Dyck, Seamus O'Regan, Omar Alghabra, O'Regan, Prince Rupert, HLS, Eric Byer, Byer, Vancouver and Prince Rupert, Sara Elena, Willie Adams Organizations: Port Metro Vancouver, Bloomberg, Getty, Twitter, Canadian Labor, Warehouse Union of Canada, British Columbia Maritime Employers Association, Vancouver, US Inland Port, U.S ., Carriers, American Association of Railroads, National Association of Chemical Distributors, CNBC, Port, U.S, Products, Canada, Canadian Chamber of Commerce, Railway Association of Canada, MSC Brunella, ILWU U.S, West Coast, Logistics, Customs Locations: Vancouver , British Columbia, Canada, Coast, U.S, British, Vancouver, U.S . West Coast, Asia, Port of Vancouver, West Coast, Africa, United States

☆ Rail trade from Canada plummets due to West Coast ports strike, down nearly 50%
▼ + stars: | 2023-07-12 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +7 min

Year-over-year intermodal Canadian rail was down 46.2% last week as a result of the strike. Weekly rail trade data from the Association of American Railroads shows the devastating impact that Canadian West Coast ports strike is having on freight rail cargo entering the U.S. The U.S. and Canada have a historically strong trade relationship: Each country is the other's top trading partner. The Canadian Chamber of Commerce estimates $605 million in trade moves through one of those two ports daily. The International Longshoremen and Warehouse Union of Canada begin its strike on July 1.

Persons: Vancouver and Prince Rupert, Paul Brashier, Prince Rupert, Brashier, Eric Byer, Byer, Willie Adams, Sara Elena, Medea, Rob Ashton, Steve Lamar Organizations: AAR, Association of American Railroads, Railway Association of Canada, Canadian Chamber of Commerce, Warehouse Union of Canada, British Columbia Maritime Employers Association, ITS Logistics, ITS, U.S ., National Association of Chemical Distributors, Products, CNBC, Hyundai, CMA, Canadian Labor, Labor, Bank of Canada, American Apparel and Footwear Association Locations: West Coast, U.S, Canada, Vancouver, British, United States, U.S . West Coast, East Coast, Western Canada, Asia, Chicago, San Francisco

☆ Canadian West Coast ports negotiation reaches impasse as port owners say 'course change' required
▼ + stars: | 2023-07-04 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +3 min

ILWU Canada President Rob Ashton did not respond to CNBC's request for comment by the time of publication. The value of the combined 181,458 containers floating off the ports of Vancouver and Prince Rupert reached $12 billion, based on a $65,225 value per container, and Canadian customs data. The ILWU Canada division strike began Saturday. More than 99% of members of the union, which supports West Coast ports such as Vancouver and Prince Rupert, voted to approve the strike last month. "The ILWU Canada Longshore Division has not taken this decision lightly, but for the future of our workforce we had to take this step," Ashton said in a post.

Persons: Justin Sullivan, Rob Ashton, Willie Adams, Ashton, Vancouver and Prince Rupert, Prince Rupert Organizations: Port, Getty, Maritime Employers Association, Warehouse, Labor, CNBC, West, Canadian, Facebook, MarineTraffic, ILWU Canada, Canada Longshore Locations: Port of Vancouver, Canada, U.S, Vancouver, West Coast

☆ ILWU Canada West Coast port workers to strike starting July 1 in blow to recovering supply chain
▼ + stars: | 2023-06-28 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +5 min

After a recent landslide vote of union members, the ILWU Canada has served notice it plans to strike at the country's West Coast ports starting on July 1. ILWU Canada said in a statement on Wednesday that its goal is to protect jobs and claims the British Columbia Maritime Employers Association is demanding major concessions. Impact to U.S. economy and tradeThe biggest port to be affected by this strike is the Port of Vancouver, the largest port in Canada. So far, ILWU Canada has declined this binding mediation & arbitration proposal," it said. But logistics managers tell CNBC that news of the Canadian port worker strike is a blow to operations.

Persons: Prince Rupert, ILWU, Rob Ashton, BCMEA, Port of Prince Rupert, Berkshire Hathaway, Vancouver and Prince Rupert, Jon Gold, General Mills, Jeff Harmening, Paul Brashier, Brashier Organizations: Canadian Labor, ILWU, British Columbia Maritime Employers Association, Canadian, Port, Vancouver Fraser Port Authority, U.S, BNSF, U.S ., National Retail Federation, CNBC, Retailers, General, ITS Logistics Locations: Canada, Coast, ILWU Canada, West Coast, Vancouver, British, of Vancouver, Canadian, Vancouver Fraser, U.S, Port of Vancouver, Port of, West, CN, Canadian Pacific, Berkshire, Panama, U.S . West Coast, Midwest, Chicago

☆ Tentative agreement ends worker slowdowns and stoppages that crippled West Coast ports
▼ + stars: | 2023-06-15 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +2 min

A tentative deal between the Pacific Maritime Association and the International Longshore and Warehouse Union was announced Wednesday night, ending 14 days of worker slowdowns and stoppages that crippled port productivity. The new contract is for six years and will cover workers at all 29 West Coast ports. "We are also pleased to turn our full attention back to the operation of the West Coast Ports." In a landslide vote, ILWU Canada workers authorized a strike at Canadian West Coast ports as early as June 24. Correction: A tentative deal between the Pacific Maritime Association and the International Longshore and Warehouse Union was announced Wednesday night.

Persons: slowdowns, James McKenna, Willie Adams, Labor Julie Su, Su Organizations: Pacific Maritime Association, Warehouse Union, West Coast Ports, Labor, CNBC, SSA, Logistics, Canadian Locations: Coast, San Francisco, California, Los Angeles, Long Beach, Oakland, The, Seattle's, Port, Seattle, Canada, Canadian West, Panama, East Coast

☆ ILWU Canada workers authorize strike in landslide vote, a 'significant blow' to West Coast ports
▼ + stars: | 2023-06-12 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +3 min

In a landslide vote, over 99% of ILWU Canada union workers critical for West Coast port operations, including in Vancouver and Prince Rupert, voted in favor of supporting a strike. The biggest port to be affected is the Port of Vancouver, the largest port in Canada. It is estimated that Canadian West Coast ports handle almost $225 billion worth of cargo a year, with items transported by rail including many consumer products, from apparel to electronics and home goods. The threat of a strike is occurring as labor tensions have escalated at U.S. West Coast ports. "This is a significant blow to operations on the West Coast," said Paul Brashier, vice president of drayage and intermodal at ITS Logistics.

Persons: Prince Rupert, Port of Prince Rupert, Prince Rupert Port Authority's, Brian Friesen, Berkshire Hathaway, Port, slowdowns, Paul Brashier, Adil Ashiq Organizations: ILWU, British Maritime Employers Association, Federal Maritime Conciliation, Port, Vancouver, Vancouver Fraser Port Authority, U.S, BNSF, U.S ., Pacific Maritime Association, ITS Logistics, Cargo, MarineTraffic, CNBC Locations: ILWU Canada, West Coast, Vancouver, of Vancouver, Canada, Canadian, Vancouver Fraser, U.S, Port of Vancouver, Port of, West, CN, Canadian Pacific, Berkshire, U.S . West Coast, Port, Seattle, Midwest, Chicago, Panama, East, North America

☆ Biden Acting Labor Secretary Julie Su engaged in tense West Coast port contract negotiations
▼ + stars: | 2023-06-12 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +3 min

Julie Su testifies before a Senate Health, Education, Labor and Pensions Committee hearing on her nomination to be Labor Secretary, on Capitol Hill in Washington, U.S., April 20, 2023. President Biden's Acting Labor Secretary Julie Su is in current communication with labor and port management representatives in an effort to help broker a deal at a time of rising tensions at ports up and down the West Coast. President Biden nominated Acting Secretary Su on February 28 to replace Labor Secretary Marty Walsh, who stepped down in March. She was previously confirmed by the Senate to serve as the deputy secretary of labor on July 13, 2021. It estimated a more widespread strike along the West Coast could cost approximately $1 billion per day.

Persons: Julie Su, Biden's, Su, Su's, Biden, Marty Walsh, Suzanne Clark, Paul Brashier Organizations: Health, Education, Labor, Capitol, California Labor, Workforce Development Agency, Warehouse Union, Pacific Maritime Association, The Department, United Mine Workers, AFL, Senate, Los Angeles Chamber of Commerce, National Retail Federation, National Association of Manufacturers, . Chamber of Commerce, U.S . Chamber of Commerce, ILWU, Canadian, Logistics, ITS Logistics Locations: Washington , U.S, West, West Coast, Los Angeles, Long, U.S, ILWU Canada, Canadian West Coast, Panama, East

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