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

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4477 Strathcona Road, North Vancouver

$2,358,800

↓ $65,000

4477 Strathcona Road, North Vancouver

3 Beds 3 Baths 2,127 SqFt Residential MLS® # R3041900

Coldwell Banker Prestige RealtyReal Estate Board of Greater Vancouver Logo

1144 W Keith Road, North Vancouver

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1144 W Keith Road, North Vancouver

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3639 Aldercrest Drive 41, North Vancouver

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3639 Aldercrest Drive 41, North Vancouver

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Babych Group Realty Vancouver Ltd.Real Estate Board of Greater Vancouver Logo

842 St. Denis Avenue, North Vancouver

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↓ $91,000

842 St. Denis Avenue, North Vancouver

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Engel & Volkers VancouverReal Estate Board of Greater Vancouver Logo

229-231 W 15th Street, North Vancouver

$2,888,000

↓ $111,000

229-231 W 15th Street, North Vancouver

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177 W 3rd Street 308, North Vancouver

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↓ $33,000

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

1535 Chesterfield Avenue 205, North Vancouver

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1535 Chesterfield Avenue 205, North Vancouver

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Stilhavn Real Estate ServicesReal Estate Board of Greater Vancouver Logo

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610 E 3rd Street Th6, North Vancouver

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560 Raven Woods Drive 501, North Vancouver

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560 Raven Woods Drive 501, North Vancouver

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4393 Glencanyon Drive, North Vancouver

$2,198,000

4393 Glencanyon Drive, North Vancouver

4 Beds 3 Baths 2,420 SqFt Residential MLS® # R3041266

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

203 E 26th Street, North Vancouver

$1,799,900

203 E 26th Street, North Vancouver

3 Beds 2 Baths 2,327 SqFt Residential MLS® # R3041254

Royal LePage West Real Estate ServicesReal Estate Board of Greater Vancouver Logo

3602 Aldercrest Drive 506, North Vancouver

$1,399,800

3602 Aldercrest Drive 506, North Vancouver

3 Beds 3 Baths 1,476 SqFt Residential MLS® # R3041094

RA Realty Alliance Inc.Real Estate Board of Greater Vancouver Logo

5655 White Pine Lane, North Vancouver

$2,398,000

5655 White Pine Lane, North Vancouver

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121 W 15th Street 1604, North Vancouver

$799,900

121 W 15th Street 1604, North Vancouver

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Royal LePage SussexReal Estate Board of Greater Vancouver Logo

1075 Belvedere Drive, North Vancouver

$3,799,000

1075 Belvedere Drive, North Vancouver

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