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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128 W 15th Street 906, North Vancouver

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128 W 15th Street 906, North Vancouver

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Sincere Real Estate ServicesReal Estate Board of Greater Vancouver Logo

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136 W 4th Street D, North Vancouver

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1401 Hunter Street 2702, North Vancouver

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235 W 19th Street, North Vancouver

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111 E 13th Street 505, North Vancouver

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111 E 13th Street 505, North Vancouver

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1028 Calverhall Street, North Vancouver

$3,788,000

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Royal LePage Sussex - Al SuttonReal Estate Board of Greater Vancouver Logo

707 E 3rd Street 208, North Vancouver

$1,050,000

↓ $49,000

707 E 3rd Street 208, North Vancouver

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320 E Keith Road, North Vancouver

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320 E Keith Road, North Vancouver

4 Beds 4 Baths 2,488 SqFt Residential MLS® # R3034204

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2137 Chesterfield Avenue Th5, North Vancouver

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894 E 13th Street, North Vancouver

$2,599,000

894 E 13th Street, North Vancouver

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RE/MAX Masters RealtyReal Estate Board of Greater Vancouver Logo

341 W 19th Street, North Vancouver

$1,598,000

341 W 19th Street, North Vancouver

2 Beds 1 Bath 1,783 SqFt Residential MLS® # R3033399

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