Canadian housing starts were largely flat from the previous month, totalling 283,734 units in June at a seasonally adjusted annual rate (SAAR). Starts were up 18 per cent from the same month last year. Single-detached housing starts increased by 1 per cent from last month to 56,645 units, while multi-family and other starts were flat at 227,086 units (SAAR). 

In British Columbia, starts rose by 72 per cent from last month to 67,029 units (SAAR) in all areas of the province. In areas of the province with 10,000 or more residents, single-detached starts increased by 1 per cent to 3,880 units, while multi-family starts rose by 85 per cent to 60,314 units month-over-month. Starts in the province were 64 per cent above the levels from June 2024. Year-to-date starts are up 130 per cent in Abbotsford and 23 per cent in Victoria, but down 70 per cent in Nanaimo, 33 per cent in Kelowna, and 11 per cent in Vancouver.

Copyright British Columbia Real Estate Association. Reprinted with permission.

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 ex-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 BC, 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 median and trimmed inflation, which strip out volatile components, are at 3.1 per cent and 3.0 per cent year-over-year, respectively. 
 
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. 

Copyright British Columbia Real Estate Association. Reprinted with permission.

The British Columbia Real Estate Association (BCREA) reports that 7,162 residential unit sales were recorded in Multiple Listing Service® (MLS®) Systems in June 2025, up 1.3 per cent from June 2024. The average MLS® residential price in BC in June 2025 was down 4.2 per cent at $954,065 compared to $995,614 in June 2024.

The total sales dollar volume was $6.8 billion, a 3 per cent decrease from the same time the previous year. BC MLS® unit sales were 23 per cent lower than the ten-year June average.
 
“Many regional housing markets across BC remained resilient through the second quarter, with only the Lower Mainland falling below sales activity from the previous year,” said BCREA Chief Economist Brendon Ogmundson. “Until broader uncertainties are resolved, we expect overall housing activity in the most expensive areas of the province to continue lagging behind other regions that have steadily recovered since the onset of tariff uncertainty.”
 
Year-to-date, BC residential sales dollar volume is down 11 per cent to $34.2 billion, compared with the same period in 2024. Residential unit sales are down 7.1 per cent year-over-year at 35,847 units, while the average MLS® residential price is also down 4.2 per cent to $954,241.

Copyright British Columbia Real Estate Association. Reprinted with permission.

Canadian employment increased by 0.4 per cent from the previous month, gaining 83,000 jobs to 21.061 million in June. The employment rate rose 0.1 points to 60.9 per cent, while the unemployment rate fell by 0.1 points to 6.9 per cent. Average hourly wages rose 3.2 per cent year-over-year to $36.01 last month, while total hours worked were up 1.6 per cent compared to June of the previous year.

Employment in B.C. rose by 0.2 per cent to 2.968 million, gaining 5,000 jobs in June. Employment in Metro Vancouver rose by 1.1 per cent to 1.735 million in June. The unemployment rate in B.C. fell by 0.8 points to 5.6 per cent in June. Meanwhile, Vancouver's unemployment rate similarly fell by 0.6 points to 5.8 per cent in the sixth month of the year. 

June's jobs report marks the first meaningful increase in employment since January, breaking a trend of largely stagnant job creation in 2025. Notably, the vast majority of employment growth was concentrated in part-time positions, reflecting greater demand for temporary roles across many industries during the summer. Moreover, the Canadian labour market remains relatively weak, with the national unemployment rate hovering near its highest level since the pandemic. This report likely favours a neutral stance from the Bank of Canada and a rate hold at its meeting later this month, though resurgent tariff risks will complicate the Bank’s outlook.

Copyright British Columbia Real Estate Association. Reprinted with permission.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver* is $1,173,100. This represents a 2.8 per cent decrease over June 2024 and a 0.3 per cent decrease compared to May 2025.

Specifically:

- The benchmark price for detached homes decreased 3.2% from June 2024 and decreased 0.1% from May 2025.

- The benchmark price for townhouses/attached decreased 3.0% from June 2024 and decreased 0.3% from May 2025.

- The benchmark price for apartment/condos decreased 3.2% from June 2024 and decreased 1.2% from May 2025.

*Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.