According to police, the suspect knocked on the door of a home in the Avenue Road and Lawrence Avenue West area, claiming to be soliciting newspaper sales at about 10 a.m.
A 25-year-old woman and a 30-year-old woman were inside the home.
He made his way inside the home and sexually assaulted both women, police say.
Police say the suspect was armed with a knife and suffered a wound to his torso after struggling with the victims before he fled the scene.
One of the two victims was taken to hospital.
The suspect is described as a white male, between five-foot-10 and six feet tall. He is clean shaven and has short, dark hair.
Police say he wore a black nylon jacket, black pants and had a white bag.
It is believed that the suspect may have knocked on other doors in the area.
Const. Tony Vella told CBC News that investigators are hoping homeowners with security cameras in the area will contact police, so their footage can be reviewed.