Officers were initially called to a home in the area of ​​Midland Avenue and Kingston Road just after 2:30 p.m. for a stabbing.
When they arrived, police learned a male suspect was still in the home with the victim and a child.
At some point the officers fired at the suspect.  He and the victim have been taken to hospital.
There is no immediate update on their condition.
Police said the child was fine and was not physically injured.
The Special Investigations Unit (SIU) will invoke its mandate, police said.
The SIU is called upon to investigate any time police are involved in a death, serious injury, allegations of sexual assault or the discharge of a firearm at a person.
Ian Higgins, a long-time resident of the neighborhood, was shocked and saddened by the incident.
He says it’s not something he’s seen happen before in the area.
Another woman who lives on the street described the incident as “traumatic”.
“It’s incredibly scary that something like this is actually happening in the neighborhood. It’s a quiet neighborhood,” he said.  “I’m really shocked that this kind of violence is happening in this day and age.”