Police say Peter Nguyen, 26, died after he was gunned down in the area of Yonge Street and Deloraine Avenue at 9:20 p.m.
He was taken to hospital, where he was pronounced dead.
Police are looking for two suspects, both described as men in dark clothing. They were last seen fleeing the area on foot, heading westbound on Melrose Avenue from Yonge Street.
Witnesses were shocked by the shooting, which happened in an area of north Toronto lined with boutiques and restaurants.
Mario Troiani was having dinner at a Japanese restaurant with his family when the shots rang out.
"All of a sudden we heard firecrackers; it sounded like firecrackers," he said.
"So we turned back and looked and we see a guy, basically shooting…outside. We basically hit the deck."
Troiani said the shooting happened so quickly he was only able to catch a glimpse of a gunman wearing a hoodie and hat.
Police are asking anyone with information about the shooting to come forward.