Toronto police say that they were called to the Tibetan Canadian Cultural Centre on Titan Road at 3:20 a.m. on Sunday, where a fight had erupted outside the facility.
Det.-Sgt. Pauline Gray told reporters that several men attempted to break up the fight.
"Within the melee, a knife was brandished and two men were stabbed," Gray said.
One man was treated in hospital for his wounds, while the other was rushed to hospital where he succumbed to his injuries.
On Tuesday, police identified the victim as Tenzin Tseten, 22, of Toronto. He died from a stab wound to his chest.
"Mr. Tseten was an employed young man with tight family ties," Gray said.
"As you can well imagine, his family is devastated and is struggling to understand how a new year’s celebration could descend into a murder."
Gray believes that Tseten was one of the people who tried to stop the fight.
Police believe that as many as 40 people were present when the fight broke out, though investigators have only spoken with a few of these people so far. Gray said police want to hear from everyone who was there.
Anyone with information is asked to contact investigators at 416-808-7400.