Toronto police said officers were called to the area of Dunn Avenue and Queen Street West, east of Lansdowne Avenue, shortly after 5:30 p.m. on Tuesday.
When they arrived, officers found two people shot inside an apartment building.
According to Toronto paramedics, one of the victims was without vital signs and was pronounced dead at the scene.
The other victim was rushed to a trauma centre in serious condition.
Police said a third victim was located nearby on a TTC bus while a fourth victim made their way to hospital.
There is no immediate word on their conditions.
Police have released a few details about a possible suspect.
This is a breaking news story. More to come.