The couple inside the home was duct taped and roughed up by the suspects, who pushed and punched their way into the house.
Police haven't released any details about the identities of the victims, but neighbours say the couple is "pretty old."
They opened a jewelry and pawn shop about a year ago, not far from their home — and it may be that they were targetted by the suspects because they deal in gold and cash.
Police say it's too early in the investigation to tell, but say business owners who deal in those items need to take precautions.
"If you suspect someone is following you, definitely contact the authorities immediately," said Toronto police spokesman Const. Tony Vella.
"Never take the same way to and from work, always change the route."
While the gunmen fled empty handed, the attack was Toronto's 79th home invasion this year up slightly from 74 this at the same time last year.