Firefighters responded to a call on Coachwhip Road, near Breamalea Road and Bovaird Drive, shortly after 5 p.m. The fire began in one home and quickly spread to an adjacent residence.
The mother and her daughter are being treated for "minor smoke inhalation," paramedics said, but its not clear what address they were transported from.
Police said that based on information from the emergency call, workers may have been present inside one of the homes at the time and they believe the fire may be natural gas-related.
A neighbour told CBC News that shortly before the fire broke out, they heard and felt an explosion. The home where the blaze started was apparently under renovation.
Police said at this point they are not involved in the investigation, but that it remains an active scene.