Police said a suspect has been taken into custody and they are not looking for anyone else now.
Duty Insp. Mike Tillotson said a knife was found near the scene, but he couldn't confirm if it was connected to the deaths.
Tributes to Powers quickly started to pour in Thursday.
The CFL's Calgary Stampeders said that they were deeply saddened to learn of the deaths.
“Bill was a larger-than-life person who brought laughter to everyone around him,” said Stampeders president Gordon Norrie.
“He was an engaged Calgarian in terms of the community and a valuable and contributing member of the Stampeder Football Club. Bill and Donna Lee will be missed.”
The Calgary Flames also issued a statement expressing sadness.
"A legend in the Calgary sports media for more than 50 years, Billy was most noted for his time covering the Flames and Stampeders, including working for the football team as a media coordinator," said the statement.
"He was a very active person in the Calgary community and will be sorely missed."
Former Olympian Catriona Le May Doan took to Twitter to call it a "sad day" for Calgary, which has recently endured the heartbreak of flooding but has also seen the community pull together.
"These days you witness such beauty as we have seen over last 10 days," wrote Le May Doan. "Then today, such evil!"
Former Calgary Flame player Theo Fleury said Powers was "such a great guy, always had a joke to put a smile on your face."
Billy Powers retired in October 2009 after almost 50 years in the sports broadcasting and communications business.
He worked mainly in radio, covering sports and the Calgary Stampeders football team.
Powers was inducted into the hall of fame in 2001.
His former employer, Calgary radio station CHQR, posted a photo gallery on its website under the heading "Remembering Billy Powers."
"The radio station family of Billy Powers express our deepest sympathy to the Powers family," the station said.
"Billy was a marvellous sports director for News Talk 770 and a friend to us all. We remember both Billy and Donna Lee and all those who mourn them."
(CHQR, The Canadian Press)
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