The man was struck at about 4 a.m. as he was walking on Timberlane Drive, near McLaughlin Road and Highway 407. The driver of the vehicle did not remain at the scene.
The man's relatives identified him as Joginder Singh, 80.
Neighbours said he was going to a nearby Sikh temple to pray, as he usually does every morning. They said he lived on the street with his son, daughter-in-law and grandchildren.
"I think it's terrible. At least they could have called for help instead of just leaving him to die in the middle of the road," said Antoine Blackwood, who lives on the street.
Police said the elderly man was crossing the street when he was hit. Singh was found by a passerby who called police.
Police are searching for what they are describing as a dark-coloured vehicle that may have sustained some damage.
In a news release, police said that the vehicle had a portion of its front bumper torn off near the front left wheel.
Investigators want to speak to anyone who saw the collision or the vehicle in the area of the collision.