Police were called to the scene near Etienne Brulé Park at 7:45 a.m. after receiving a call from a passerby who spotted the body floating in the water.
A coroner visited the scene, but police aren't expected to release the identity of the victim until at least Monday.
Earlier this week, a 35-year-old man fell into the river near Lawrence Avenue after trying to rescue his dog that had jumped into the water.
The animal managed to escape, but high and fast-moving water caused by heavy rains swept the man into the river.
Police searched for him until Thursday afternoon, when their focus shifted to a recovery effort.
Anmar Atiyah, who met the man while walking his dog that day, told CBC News he watched in panic as the incident unfolded.
"I was trying to yell his name, but he didn't reply or say anything," Atiyah said.