Date Published: July 15, 2025

Canadian prices, as measured by the Consumer Price Index (CPI), rose 1.9 per cent on a year-over-year basis in June, up from a 1.7 per cent increase in May. Month-over-month, on a seasonally adjusted basis, the CPI was up 0.2 per cent in June.

Upward pressure on headline inflation was largely driven by a slower fall in gasoline prices year-over-year compared to May, along with higher price growth for durable goods (2.7 per cent). Additionally, shelter price growth continues to cool, with prices growing by 2.9 per cent in June, slightly down from 3.0 per cent in May.

Furthermore, the CPI excluding energy rose by 2.7 per cent in June. Food purchased in grocery stores rose at a slower pace of 2.8 per cent year-over-year compared to 3.3 per cent the previous month. In British Columbia, consumer prices rose 2.1 per cent year-over-year in June, down from 2.3 per cent in May.

The Bank of Canada's preferred measures of inflation—median and trimmed CPI, which strip out volatile components—are currently at 3.1 per cent and 3.0 per cent year-over-year, respectively.

Outlook and Policy Implications

June's CPI report illustrates ongoing upward pressure on prices despite monthly fluctuations in headline inflation. The Bank of Canada's core measures of inflation remain at the upper end—and even outside—of their target range, likely due to the price impacts of tariffs on major Canadian industries.

Moreover, Canada remains vulnerable to further price acceleration with renewed tariff threats from the United States. Taken together, this report favours a rate hold from the Bank during its July meeting, as they have repeatedly signalled hesitancy to enact policy that may accelerate inflation beyond neutral levels amidst immense uncertainty concerning trade policy.


MLS® Listings in North Vancouver | Homes for Sale, Over $1,000,000

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313 E 27 Street, North Vancouver

$2,350,000

313 E 27 Street, North Vancouver

5 Beds 5 Baths 2,323 SqFt Residential MLS® # R3048863

Royal Pacific Realty Corp.Real Estate Board of Greater Vancouver Logo

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2996 Plymouth Drive, North Vancouver

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3020 Thorncliffe Drive, North Vancouver

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3020 Thorncliffe Drive, North Vancouver

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772 Orwell Street, North Vancouver

3 Beds 3 Baths 1,490 SqFt Residential MLS® # R3048548

Angell, Hasman & Associates Realty Ltd.Real Estate Board of Greater Vancouver Logo

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2569 Hyannis Point, North Vancouver

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3435 St. Georges Avenue, North Vancouver

$2,380,000

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RE/MAX Crest RealtyReal Estate Board of Greater Vancouver Logo

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927 Old Lillooet Road, North Vancouver

3 Beds 3 Baths 1,902 SqFt Residential MLS® # R3048451

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↓ $86,000

2886 Mt Seymour Parkway, North Vancouver

3 Beds 3 Baths 1,507 SqFt Residential MLS® # R3048358

Royal LePage Sussex Pigott PropertiesReal Estate Board of Greater Vancouver Logo

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$2,499,900

2325 Emery Court Ph 1103, North Vancouver

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Engel & Volkers VancouverReal Estate Board of Greater Vancouver Logo

Lot 3 Sunshine Falls Lane, North Vancouver

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Lot 3 Sunshine Falls Lane, North Vancouver

0 Beds 0 Baths 0 SqFt Land MLS® # R3048245

Royal LePage Sussex - Edmonds AdvantageReal Estate Board of Greater Vancouver Logo

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$1,469,000

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903 E Keith Road, North Vancouver

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RE/MAX Masters RealtyReal Estate Board of Greater Vancouver Logo

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$2,098,000

4755 Cove Cliff Road, North Vancouver

4 Beds 2 Baths 2,415 SqFt Residential MLS® # R3048175

1NE Collective Realty Inc.Real Estate Board of Greater Vancouver Logo

575 E 17th Street, North Vancouver

$3,148,000

575 E 17th Street, North Vancouver

4 Beds 5 Baths 3,347 SqFt Residential MLS® # R3048176

The Partners Real EstateReal Estate Board of Greater Vancouver Logo

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