Police were called to the 500 block of 3rd Avenue to reports of a stabbing at around 10:15 p.m. PT.
The victim, whose name has not been released, was taken to Royal Columbian Hospital where he later died.
The Integrated Homicide Investigation team has taken over the case.
"We can tell you that we have spoken to witnesses who have identified an individual leaving the area and we're asking the public's assistance in locating that male," said Sgt. Jennifer Pound.
The suspect is described as an Asian male around 25 years old, about five feet five inches tall with a muscular build and short black hair. He was last seen wearing a black muscle shirt and grey shorts.
Pound says investigators have not identified a motive.