Like other volcanoes in the Garibaldi Volcanic Belt, Mount Price formed as a result of subduction zone volcanism. As the Juan de Fuca Plate subducts under the North American Plate at the Cascadia subduction zone, it forms volcanoes and volcanic eruptions. Unlike most subduction zones worldwide, there is no deep oceanic trench present along the continental margin in Cascadia. There is also very little seismic evidence that the Juan de Fuca Plate is actively subducting. As a result, the existence of active volcanism in the Cascade Volcanic Arc is the best evidence for ongoing subduction. However, volcanic activity along the Cascade Arc has been declining over the last few million years. The probable explanation lies in the rate of convergence between the Juan de Fuca and North American plates. These two tectonic plates currently converge at a rate of to per year, only about half the rate of convergence from seven million years ago. This slowed convergence likely accounts for reduced seismicity and lack of an oceanic trench.