Esquimalt Fire Chief Chris Jancowski says crews were notified of the fire at about 8:45 p.m. PT, July 1.
"Crews were met with numerous bystanders at the time, indicating there could be possibly people inside the structure still," said Jancowski.
"While attempting fire suppression the crews removed both those occupants from the building."
Jancowski said both of the rescued occupants are in the hospital. One is in critical condition.
Fire crews battled the fire until 1 a.m. PT Thursday. Jancowski said one of the firefighters sustained minor injuries.
The fire chief said the department is waiting for the results of a structural review of the damaged home.
"At this point we believe there's significant damage which may involve a total write-off of the building," said Jancowski.
The cause of the fire is still unknown.