CPABC: Tariff uncertainty disrupts Lower Mainland housing market as population growth outpaces housing completions

VANCOUVER, British Columbia, Aug. 21, 2025 (GLOBE NEWSWIRE) -- According to BC Check-Up: Live, an annual report by the Chartered Professional Accountants of British Columbia (CPABC) on demographic and affordability trends across the province, Southwest B.C.’s population grew by 137,616 new residents in 2024.

“Population growth eclipsed the four per cent mark for the second year in a row,” said Lori Mathison, FCPA, LLB, president and CEO of CPABC. “The prevailing migration trends that emerged in 2023 largely continued into 2024.”

Southwest B.C. welcomed 151,837 new residents (net) from other countries, up 2.5 per cent year-over-year. Following a revision to annual estimates, Southwest B.C. lost residents to other provinces for the first time in 11 years, as interprovincial migration resulted in a net outflow of 7,251 people. Meanwhile, the region gained 5,220 residents from natural growth and lost 12,910 residents to other parts of B.C.

Nearly all population growth in Southwest B.C. occurred in the region’s three Census Metropolitan Areas, where new housing construction was insufficient to meet the housing demand resulting from the new residents. In 2024, there were 0.15 completions per new resident in Abbotsford-Mission, 0.20 in Greater Vancouver, and 0.31 in Chilliwack.

“Seeing more people leave to other provinces speaks to affordability challenges facing families in the region,” continued Mathison. “Despite softening housing market conditions, affordable housing is still out of reach for many.”

In July 2025, the benchmark price of a single-family home in Greater Vancouver was $1.95 million, down 3.6 per cent compared to one year earlier but still 29.4 per cent higher than in July 2020. The benchmark price for an apartment was $740,200, down 3.1 per cent from July 2024 and 20.2 per cent higher than it was five years ago.

“Prices have fallen across Southwest B.C. despite more attractive interest rates,” noted Mathison. “Economic uncertainty is playing a role, as buyers are waiting for a resolution to the ongoing trade dispute with the United States.”

Through the first seven months of 2025, there were 14,302 home sales in Greater Vancouver, down 11.3 per cent from the year-to-date total in 2024. Similarly, year-to-date sales in Fraser Valley and Chilliwack were down 19.4 per cent and 15.7 per cent, respectively.

“Short-term disruptions aside, the region needs to make more progress on increasing the housing supply,” concluded Mathison. “We expect pressure from population growth to ease, but there remains an urgent need to continue to focus on affordability.”

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.

CPABC Media Contact:
Jack Blackwell, Economist
604.259.1143
news@bccpa.ca

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