The shooting occurred at around 8:30 a.m. near Lawrence Avenue East and Morning Dew Road, east of Morningside Avenue.
A 24-year-old woman sustained a non-life threatening injury to the knee in the shooting, which occurred at nearby Woodgarden Crescent, police said. A dog was also shot in the neck.
Late Wednesday morning, police reported that the male suspect had been arrested.
Police say that the suspect was making his way to Ottawa at the time of his arrest.
CBC News has learned that he was arrested near Lindsay, Ont., with the assistance of the OPP.
At least six schools in the area were placed under a hold and secure designation in the Lawrence Avenue East and Morning Dew Road as police searched for the suspect. The schools were reopened by mid-morning.