The housing market correction, problems in seniors care and a ferry service breakdown are the main stories from British Columbia. Experts see rent stabilization as the foundation for future growth, while the seniors advocate warns of a rollback in services. Ferry service between Vancouver and Victoria was paralyzed by a vessel failure.
British Columbia multi-family market: correction, not crisis
The multi-family residential market in British Columbia is undergoing a noticeable correction, facing simultaneous pressure from both demand and supply. However, experts say this is not a sign of an imminent crash but rather an inevitable stabilization after many years of rapid growth—a move toward a more balanced and sustainable state. Vancouver, despite current challenges, remains an attractive investment destination.
As Sim Waraich, Associate Vice President at Colliers Canada, notes, the market is experiencing "stabilization, not a sky-high collapse." On one hand, demand has been shaken by reduced immigration—historically one of the key drivers of rental occupancy. The situation is worsened by the ongoing affordability problem, rising unemployment and slower job creation, which limit the formation of new households and people’s mobility. On the other hand, the market is having to absorb an unusually large wave of new supply. This includes purpose-built rental housing as well as condominium units that developers, facing weak presale demand, are converting into rental stock. The result has been fierce competition, significantly longer lease-up periods, broad offers of tenant incentives and stabilization or even declines in rents in some segments.
A key indicator of market health remains the vacancy rate. Despite increases, CMHC data for October 2025 shows it at 3.7% for the region. As Waraich highlights in an interview with Business in Vancouver, to an outside observer this is a sign of a healthy market, especially following years of chronic supply shortages and some of the lowest vacancy rates in North America. Waraich offers a simple analogy: "It’s like Economics 101: there’s supply and there’s demand. Now there’s a lot of new supply coming into the City of Vancouver." The market is moving from an overheated, supply-constrained environment toward greater balance. The current correction was inevitable after many years of strong growth that could not continue forever. "It’s a cycle, and the cycle will correct; the movement is heading in the right direction, and the current situation lays the groundwork for more sustainable growth in the future," the expert says.
James Blair, Managing Director at Marcus & Millichap, agrees that recent government policy aimed at stimulating construction has had results: a lot of new housing has come online, vacancy has ticked up and rents have stabilized or softened. Interest in Vancouver as an investment destination remains high. "We’re getting more inquiries from groups in the east—Ontario, Montreal, Alberta—who are looking to place capital in Vancouver," Blair says. However, a shortage of supply could become the main problem on the horizon. The expert expresses concern that frozen projects and a slowdown in new construction could lead to a housing shortfall by the end of this decade and into the next. Open questions remain about whether favorable CMHC financing and other developer incentives will continue, and whether immigration and international student flows will return to previous levels.
Despite uncertainties, the current market situation is clearer. "We don’t have to guess as much as we did in past years," Blair notes. Additional positive factors include stabilization of construction costs and discussions among various levels of government about reducing developer levies, which could lower the cost of bringing new rental housing to market. There also remains steady demand for older, "vintage" rental stock. According to Blair, "multi-family real estate has really returned to its fundamentals." Those succeeding today are the ones acting with confidence, making decisions and moving forward with a long-term view. Thus, despite short-term challenges, the market’s fundamentals remain solid and experts view its future with cautious optimism.
British Columbia is moving backwards on seniors care
The provincial seniors’ advocate in British Columbia is sounding the alarm: instead of making progress in caring for the rapidly growing older population, the region, in his view, is moving backward. This troubling assessment, outlined in a CTV News Vancouver report, points to systemic problems in one of the province’s key social sectors.
According to the advocate’s statement, the province, facing an aging population, is not meeting growing needs. Rather than building capacity and improving service quality, the system appears to be regressing. Although the piece does not present specific statistics, the phrase "moving backwards" implies deterioration in access, wait times or conditions in long-term care facilities—known as nursing homes or long-term care facilities. These institutions are intended for people who, because of age, chronic illness or disability, cannot live independently and require ongoing professional care, assistance with daily activities and medical services.
The criticism likely reflects accumulated problems, exacerbated by the COVID-19 pandemic, which hit care homes hard worldwide and exposed chronic underfunding, staffing shortages and overcrowding. The key insight is that the official body created to protect seniors’ interests is publicly stating not merely stagnation but a rollback. This is a direct implication for the provincial government, responsible for health and social services, and a signal that current policy and investment are insufficient to meet future needs. The consequences are serious: a direct threat to the quality of life and dignity of the most vulnerable, increased burdens on families and potential rises in emergency health costs when prevention and proper care are lacking. The advocate’s statement is both a diagnosis and a call for urgent action—to revise strategy, increase funding and reform the entire system that supports British Columbia’s aging population.
Mechanical fault paralyses ferry service between Vancouver and Victoria
Ferry service between mainland British Columbia and Vancouver Island—a lifeline for thousands—has again been disrupted. This time the cause was a mechanical fault on one of the fleet’s oldest vessels.
Tuesday, March 26 began with serious disruptions on the main Tsawwassen–Swartz Bay route, which connects the Vancouver metro area with the provincial capital, Victoria. The Queen of New Westminster, 62 years old, experienced a problem with its pitch control system. This system adjusts the blade angle of the propeller to efficiently manage speed and thrust without changing engine RPMs. The fault led to the cancellation of four morning and daytime sailings in both directions, causing chaos for travelers, including tourists, locals and commercial freight.
However, according to an update on CHEK News’ site, BC Ferries’ technical teams had completed repairs by midday. That allowed four evening sailings that were also at risk of cancellation to be restored: 4:00 p.m. and 8:00 p.m. from Tsawwassen and 6:00 p.m. and 10:00 p.m. from Swartz Bay. The company urged passengers with reservations to arrive within the time window shown on their confirmation to retain boarding priority over those travelling without a reservation or those booked on later sailings.
This incident was the second blow to the schedule in two days. Just the day before, on Monday, another major vessel on the same route—the Spirit of Vancouver Island—suffered a generator failure. Its breakdown led not only to cancellations but also to a revised sailing schedule that will remain in effect until March 30. Thus, the province’s key transport corridor was left vulnerable due to simultaneous problems on two major ships.
In its statement, BC Ferries apologized for the inconvenience, acknowledging that people "have important places to be." The company also reminded the public that it plans to commission four new large ferries between 2029 and 2031, one of which will replace the veteran Queen of New Westminster and retire her. This plan underscores the chronic issue of an aging fleet, which regularly causes service disruptions.
In addition to mechanical issues, dozens of sailings on secondary routes were cancelled on Tuesday due to a storm warning issued for much of Vancouver Island. This double problem—technical and weather-related—illustrates the fragility of the ferry system on which an entire region depends. For island residents, ferries are not just transport but a necessity for commuting, goods delivery, medical appointments and family connections. Every cancellation has significant economic and social consequences, forcing people to change plans, lose time and incur costs.
