One man is dead and two others are in critical condition in hospital after their boat overturned on a popular waterway near Victoria, B.C.

Witnesses called 911 just after 5 p.m. Thursday night after hearing screaming and thrashing in the water on the Gorge Waterway, which runs northwest of Victoria.

Rescue teams launched a short search before locating a man in his 60's and a woman in her 40's near Banfield Park.

The couple was unable to inform police if there was a third person in the water. Both were very hypothermic, investigators said.

Nearly four hours later, around 9 p.m., rescue divers found the body of a man.

None of the people were wearing life jackets.

Officials believe the trio was paddling to the shore from a larger vessel moored in the Gorge when their dinghy overturned.

The B.C. Coroner Service has launched an investigation.

"Our thoughts as a police department go out to the family," Victoria Police Staff Sergeant Darren Laur said.

"A very tragic incident, but I'm just very happy we were able to recover two at the time."