Vancouver police and emergency services were called to the popular park next to False Creek around 8.30 pm PT, after the car went down the boat launch ramp.
In a media statement, Const. Brian Montague said five officers went into the water and managed to pull the driver and his dog to safety.
"The driver was taken to hospital and the dog to a local emergency animal clinic," said the statement. "Both are reportedly doing well."
It is not yet clear how the car ended up in the water. Police say the incident is still under investigation.
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