At 10:45 p.m. ET police were called to a shooting in the student centre of the campus located on York Boulevard in northwest Toronto.
Police say a man walking through the student centre food court discharged a firearm, hitting one woman in the leg and injuring a second woman with shrapnel.
Both women were taken to hospital with non life-threatening injuries.
The campus was initially locked down after the shooting. However, the lockdown was lifted around 1:10 a.m. ET when Toronto police advised university officials that the campus "can resume normal operations."
Police say the suspect fled on foot after the shooting.
He is described as a black man in his mid-20s, about five foot eight inches to six feet tall.
He was wearing a black hooded sweatshirt and a black coat.
Police are asking for anyone with information about the shooting to contact them at 416-808-3100 or by calling Crime Stoppers anonymously at 416-222-TIPS (8477).