Const. George Tudos told CBC News that police were called to The Office Gentlemen's Club on Melanie Drive, near the intersection of Steeles Avenue East and Torbram Road at 1:26 a.m. ET after "multiple gunshots" had reportedly been fired.
"When we responded, we found three victims, all being female," Tudos said.
Tudos said the women were taken to a local hospital.
Two of them suffered critical injuries, but were in stable condition after arriving at hospital, Tudos said. The third woman suffered non-life threatening injuries and was expected to be released from hospital on Wednesday.
The CBC's Jeff Semple reported that the two most seriously injured women are both in their early 20s and one is a student at George Brown College.
Police are interviewing the victims in hospital.
It is not immediately clear if the shooter was targeting the women who were shot, or if they were simply caught in the crossfire.
Dozens present at time of shooting
It is apparent that some people who were at the strip club did not stick around to talk to police after the shooting occurred. Police think at least 200 people were at the event when the shots were fired.
"We're hoping that those witnesses do come back, or come forward and speak to our investigators," Tudos said.
Police have said that the women who were wounded were patrons at the strip club and not employees.
The CBC's Linda Ward reported that the nighttime event was promoted on social media as one of the strip club's "Twerk it Tuesdays."
Twerk is a colloquial term referring to sexual dancing.
Patrons say the event has been growing in popularity since it launched last December.
Forensic specialists were called in to investigate and police will be examining surveillance video from inside and outside of the club, Ward added.
No arrests have been made, she added.
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