Just before 7 a.m. PT witnesses called 911 reporting the sound of gunshots in the 1600 block of E. 5th Avenue, near Commercial Drive.
Responding officers found a man suffering from an apparent gunshot wound. Police found a second man in the lobby of an apartment building in the same block, also suffering from a gunshot wound.
Both victims, Vancouver men in their 20's, were rushed to hospital. One victim is in stable condition, the second victim in serious but stable condition.
The area is cordoned off and investigators from the Vancouver Police Major Crime Section and Forensic Identification Unit are on scene.
No arrests have been made and police have not identified any suspects.
Police say it appears both men were targeted in the attack.