Emergency crews were called before 11 p.m. Monday to a plaza in the area of Weston Road and Highway 401.
Investigators said crews did not initially find the victim at the scene when they arrived, but he was later located further south of the plaza.
There were reports that the shooting had occurred in the parking lot.
Duty Insp. Mandeep Mann told media that the victim was a 61-year-old man, and police believe the victim was in sitting in a vehicle prior to being shot.
“Although we’re at the infancy of this investigation, we do at this point believe this was a targeted shooting,” Mann said.
Paramedics said the victim was taken to a trauma centre in life-threatening condition for treatment.
Police said in an update on Wednesday that the victim, who was identified as Minh Le, later died in hospital.
One witness told media at the scene that he initially saw two men running after one car, with one suspect reaching into their bag. Then, moments later, he saw a man lying on the ground bleeding.
Cruz said he believes he heard at least eight to nine gunshots during the incident.
Police said the suspect is described as a man in his 20s with short hair who was wearing all black with “Versace” on his shirt and black glasses. He was last seen heading northbound on Weston Road by foot.
Anyone with further information is asked to call police at 416-808-1200 or Crime Stoppers anonymously at 416-222-8477.
— With files from Nick Westoll