The five were travelling in two canoes near Northwinds Beach Saturday afternoon when both canoes capsized.
Three of the men managed to swim to shore with the help of the Personal Floation Devices they were wearing.
The other two men lost their lifejackets when they fell into the water, and remained with the overturned canoes.
Members of the Blue Mountain Fire Department quickly launched their Zodiac and were able to bring them to shore. No one suffered any serious injuries.