Officers executed the morning bust at a home in the 900-block of Dufferin Avenue, between Ontario and Quebec streets, police said.
Seized from the home were a lever-action rifle and a 12-gauge pump-action shotgun, along with various rounds of ammunition and a ballistic vest, police said.
Also seized were four grams of suspected cocaine valued at $400, 20 grams of psilocybin valued at $400, 0.2 grams of suspected fentanyl valued at $60, and three oxycodone tablets valued at $30.
The 18-year-old man is charged with seven counts of possession of a firearm or ammunition contrary to prohibition order; careless storage of a firearm, weapon, prohibited device or ammunition, and possess a restricted or prohibited firearm knowingly not holding a licence.
The accused also faces three counts of possession of a Schedule I substance, possession of a Schedule II substance, careless storage of a firearm.