The shooting happened behind an apartment building near two schools, in the area of Dixon Road and Islington Avenue, just after 12:30 p.m. ET. Both schools were put into either lockdown, or hold and secure mode.
One of the students was identified as a 15-year-old student from James Cardinal McGuigan, another nearby Catholic school.
No information on the second victim has been released. Initial reports from paramedics had suggested both victims were either in their teens or early 20s.
Police are expected to release more information about the shooting on Tuesday.
Supt. Ron Taverner said Toronto police still have to conduct forensic work and interview witnesses.
“There’s a number of things that we have to do and we want to find out if those suspects are still in the area — they’re obviously armed and very, very dangerous.”
He said police will be on the scene throughout the day.
Police haven’t released any further details about the three suspects. One person was taken into custody at the scene on Monday, but police did not describe the individual as a suspect.
Toronto District School Board trustee Michelle Minott said students and families are worried about the recent violence.
“I think our kids need to feel safe and right now,” she said. “There’s a growing feeling of insecurities and people not even wanting to send their kids to school because they feel unsafe in the system.”
Police are also searching for four suspects after a second, unrelated shooting in Toronto on Monday.
Police found a young man shot to death in a Regent Park alley after reports of gunfire. He died later in hospital.
All four suspects were seen leaving an alleyway of Syndenham Street at the time of the shooting, they said.
Police have investigated more than 20 gun deaths in Toronto this year.
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