The driver has been taken into custody, Vancouver police said in a post on social media platform X.
The vehicle had entered the street where people were attending a Lapu Lapu Day Filipino community festival on Saturday night, the Vancouver Police Department said in a social media post.
"A number of people have been killed and multiple others are injured after a driver drove into a crowd," police said.
The exact number of dead or injured was not immediately available.
One witness told CTV News he saw a black vehicle driving erratically in the area of the festival just before the crowd was struck.
The Vancouver Sun said thousands of people had been in the area.
"I am shocked and deeply saddened by the horrific incident at today's Lapu Lapu Day event," Vancouver's Mayor Ken Sim said.
British Columbia Premier David Eby said he was "shocked and heartbroken" to hear of the lives lost and those injured.
"Police are investigating and a suspect is in custody," he said in a post on social media.
"We are in contact with the City of Vancouver and will provide any support needed. My thoughts are with the victims and their loved ones."
The Lapu Lapu Day festival was being held in the streets of a South Vancouver neighbourhood.
Video posted on social media showed victims and debris strewn across a long stretch of road, with at least seven people lying immobile on the ground.
A black SUV with a crumpled front section could be seen in still photos from the scene.
Canadian Prime Minister Mark Carney called the incident "horrific".
"Devastated to hear about the horrific events at the Lapu Lapu Festival in Vancouver earlier this evening," he said in a post on X.
"I offer my deepest condolences to the loved ones of those killed and injured, to the Filipino Canadian community, and to everyone in Vancouver. We are all mourning with you.
"We are monitoring the situation closely, and thankful to our first responders for their swift action."
with AP
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