The accident occurred just before 8 a.m.
The victim, in her 30s, was bleeding from the head and was unconscious but breathing.
The extent of her injuries is not yet known.
Police on scene are continuing to try to reconstruct the cause of the accident, closing a section of Albion Road and Armel Court and diverting bus traffic while they investiate.
There has been no word yet on whether the driver has been charged.
The TTC has alerted customers that the 96 Wilson buses are diverting both ways via West Road, Finch Avenue and Islington Avenue due to the collision. The 73 Royal York buses are also diverting boyh ways via West Road, Finch Avenue and Islington.
Two other female pedestrians were injured by a car on Thursday in Markham. Both women were waiting for a light to change an intersection when they were struck. One of the victims has died from her injuries; the other is listed in critical condition.
A driver in that incident has been chargewith dangerous driving causing death and dangerous driving causing bodily harm.