Police have previously said multiple units responded to the 300 block of Gertrude Avenue around 3 p.m. where they say a man armed with a gun was standing in front of a residence.
Soon after, police said, an officer fired their gun and hit the man, who was taken to hospital in unstable condition.
In a release announcing their investigation Thursday, the IIU said the man has since been upgraded to stable.
The IIU says police have told them officers at the scene first tried to deescalate the situation by negotiation. A Taser was then used in an attempt to disarm the man, but an officer fired their service pistol at the man after, according to police, he pointed the gun at officers.
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The IIU says officers were then able to restrain the man and provide first aid before he was taken to hospital.
A rifle and what appeared to be a deployed Taser were seen on the front steps of an apartment building at 391 Gertrude Ave., a Global News camera operator on scene shortly after the shooting said.
The IIU is mandated to investigate any serious injury of a suspect requiring admission to hospital.
The police watchdog is asking witnesses or anyone with information or applicable video footage to call the IIU at 1-844-6060.