Sgt. Jennifer Pound of the Integrated Homicide Investigation Team says the victim has been identified as Sam Balani, 32.
"Investigators have been processing the crime scene overnight and in to the day and can say this suspicious death has been confirmed as a targeted homicide," Pound said in a written statement.
Police responded to a report of shots fired in a basement suite in the 500 block of Colby Street just after 6 a.m. PT Thursday.
Balani was found dead inside the suite. Police say he appears to have been shot.
The Integrated Homicide Investigation took over the investigation from the New Westminster Police Department.
Anyone with information is asked to contact the IHIT tip line or Crime Stoppers.