Family members reported the two men missing Monday when they railed to return from their trip.
The missing men have been identified as 64-year-old John Danielkiewicz, Zane Bennett, and an unidentified American.
Danielkiewicz is originally from Port Coquitlam where he owned a sheet metal business.
In a post to his Facebook page, Danielkiewicz`s son, Mark said his father was a novice sailor:
"My dad lives in Mexico," he wrote. "He and 2 friends went sailing, i don't think they knew anything about the sport. Well, next day they didn't make it home."
However, the Mexico News Daily reported the three were believed to be "accustomed to sailing."
Brother Robert Danielkiewicz says John had been living in Mexico for about a decade. He said he and Zane Bennett were close friends who had known each other since they were 10-years-old.
Mexican authorities say the three departed from the Playa Azul restaurant near San Juan Cosalá.
Chapala firefighters told the Mexico News Daily that strong, gusty winds which come up regularly in the afternoon, and the age of the boat may have contributed to the accident.
The boat had a broken mast when it was found.
MAP: Chapala Lake, Mexico