The two people were pulled from a burning semi-detached house on Abigail Place, near Martin Grove and Dixon roads, but they couldn't be resuscitated, according to paramedics.
The victims are identified as an 80-year-old man and a 76-year-old woman, according to Toronto Fire Capt. Mike Strapko.
Strapko added that the inside of the home is completed gutted, and the damage is estimated to be $500,000.
Strapko said, due to the severity of the damage, it is difficult to tell if there were working smoke detectors inside the home. He wanted to remind residents this is the time of the year to check and make sure the smoke detectors in your house are working properly.
Investigators from the Office of the Fire Marshal have arrived on scene to determine how the fire started.