The Vancouver Park Board expects to approve a plan before the end of January to restore Stanley Park's largest watershed.
Beaver Lake, in the centre of the park, is turning into a bog full of invasive plants and with very little water flow.
The flow was cut off during the 1930s when the causeway was built.
The loss of water is threatening the few endangered species that still live there.
Loretta Woodcock, the park board commissioner, said restoration is badly needed.
"The last time the park board took any measure to look at the size and depth of Beaver Lake was in 1929," she said. "So, it has been 82 years. The forecast is that Beaver Lake will disappear by 2020, so we are looking at this as an urgent situation."
Woodcock also said restoring Beaver Lake would revive populations of endangered birds, reptiles and amphibians.
Once the restoration plan is approved, an environmental assessment and public consultation process will begin.
Dredging could begin early next year. Woodcock said the millions of dollars needed for the dredging will come from federal government grants.
The restoration project is expected to cost $150,000.
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