CPABC: Lower-mainland housing costs moderate as net international migration to the region plummets

VANCOUVER, British Columbia, July 29, 2026 (GLOBE NEWSWIRE) -- According to the Chartered Professional Accountants of British Columbia’s (CPABC) quarterly BC Check-Up economic release, Southwest B.C.’s population increased by 11,633 people, or 0.3 per cent between July 1, 2024 and July 1, 2025.

“The smaller increase in Southwest B.C.’s population reflects a country-wide reduction in international newcomers to Canada,” said Lori Mathison, FCPA, LLB, president and CEO of CPABC. “As migration patterns continue to change, the effects will be more pronounced in the Lower Mainland.”

Southwest B.C. gained 22,880 residents from other countries in 2025, down 83.4 per cent compared with the year prior. Natural growth also added to the region’s headcount (+6,843), in line with historical trends. However, the region lost residents to other provinces (-5,531) and to other regions within British Columbia (-12,559).

The region’s average age increased 0.4 percentage points to 41.5 years-old, as seniors aged 65 and older were the fastest growing demographic (+22,647; +3.7 per cent). Conversely, the largest year-over-year decline occurred among 15- to 24-year-olds (-12,525; -2.7 per cent).

“These population changes are unfolding alongside strong housing completions and a weaker labour market,” continued Mathison. “Together, these factors are contributing to lower housing costs in the region as economic uncertainty is making people less likely to buy, thereby reducing demand.”

As of June 2026, the benchmark price of a single-family home in the Lower mainland – which includes Greater Vancouver and the Fraser Valley – was $1.63 million, down 6.8 per cent compared to one year earlier. Similarly, the benchmark price for apartments fell 7.2 per cent year-over-year to $636,400.

In the rental market, the latest CMHC data showed that average rent in Greater Vancouver increased by 2.0 per cent between October 2024 and October 2025. By comparison, average rents increased by 5.8 per cent during the 12 months prior. The deceleration in price growth coincided with an increase in the vacancy rate, from 1.6 per cent in 2024 to 3.7 per cent in 2025.

“There is a lot of new supply being added into a cooling market, leading to lower housing prices,” concluded Mathison. “It’s an adjustment from where the market was just a few years ago, when conditions were extremely tight.”

To learn more, visit www.bccpa.ca

About CPA British Columbia

The Chartered Professional Accountants of British Columbia (CPABC) is the training, governing, and regulatory body for over 40,000 CPA members and 6,000 CPA candidates and students. CPABC carries out its primary mission to protect the public by enforcing the highest professional and ethical standards and contributing to the advancement of public policy.

For more information, contact the CPABC Communications Team: news@bccpa.ca

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