The air force says two men have been rescued off Vancouver Island's east coast after a large wave capsized their small boat and dumped them into frigid ocean waters.

Military officials say the accident took place in the early afternoon off Texada Island, in the Strait of Georgia, near Powell River, B.C.

They say after the 4.5-metre-long boat capsized, the men were forced to cling to an ice cooler for more than an hour before a civilian sailboat rescued them.

They say military search-and-rescue technicians arrived on scene aboard a Cormorant helicopter, jumped into the water and swam to the sailboat where they confirmed the men were in stable condition.

The men were then transferred to a coast guard vessel from Powell River and evacuated.

The air force says members of the Royal Canadian Marine Search and Rescue then secured the men's overturned boat