Two people are dead and a third is wounded following a shooting north of Toronto early Wednesday morning.

York Regional Police said a woman and a man were fatally wounded, and a second man was critically injured when gunshots were fired around midnight.

Police received two calls reporting a suspicious incident near Yonge Street and Major Mackenzie Drive: five males were fighting in a parking lot near a townhouse complex. The second call was for a shooting.

After residents reported the sound of gunfire, police found the victims in a vehicle in the parking lot at the Centre Green Co-op non-profit complex on Centre Street East.

The woman died on scene, and the men were taken to hospital where one was pronounced dead. The other remains in critical condition.

All three victims were found inside a red Lexus, which has since been removed from the scene. The woman's body remained in the vehicle throughout the morning.

The victims' ages and identities have not been released.

Police say the shooting is believed to be targeted, and it's likely the victims knew their killer or killers.

"The evidence is suggesting that this is not a random crime," police spokesman Sgt. Clint Whitney told reporters at the scene.

Police are looking for two suspects who residents say fled the scene on foot, Whitney said.

A canine unit was called in but no one was found, so it's possible the suspects left in a vehicle, he said.

While the townhouse complex does not have security cameras, police said they're hopeful that buildings across the street may have captured surveillance footage.

"If there's anything we ought to know about things that are going on here," Whitney is asking anyone with information to call the homicide unit at 1-866-876-5423.

With files from Zuraidah Alman