Vancouver police spokesperson Const. Lindsey Houghton says officers were flagged down at 4th Avenue and MacDonald Street just before 11. p.m. PT, where they found a man bleeding profusely from the neck.
The victim told police he had been attacked by a roommate.
Houghton said the suspect was found hiding in a nearby car a short time later.
"This potentially deadly assault appears to be an argument between the two roommates over property that quickly escalated to where the accused grabbed an axe and began to hit the victim over the head," Houghton said.
The 39-year-old victim was taken to hospital and later released after being treated for several cuts to his head, neck, hand and arm.
The 43-year-old suspect remains in custody. He is facing possible weapons-related charges, as well as a charge of assault causing bodily harm.