Delta police say the man and his wife were aboard a personal boat that was moored to their houseboat on the Fraser River on Sunday night.
The woman fell into the water, and police says she was soon followed by the man who was trying to assist her.
Police say a neighbour heard calls for help and rescued the woman who was taken to hospital and is in stable condition, but the man was not found during a search by the coast guard.
The B.C. Coroners Service says in an email a body was spotted mid-afternoon Monday near the Tsawwassen ferry terminal.
Delta police have identified the body as that of the missing man and say the investigation has now been handed over to the coroner.