Police said they located two victims with injuries that are “serious but not life threatening.” Two firearms were also recovered.
Images on social media showed people running from the scene. The master of ceremonies paused briefly to let the crowd know there was an emergency situation, then resumed the festivities.
“I want to thank the Toronto Police and others who assisted them for the quick response to today’s most unfortunate shooting after an otherwise spectacularly successful day,” Mayor John Tory said.
“It is disappointing and I’m sure a source of anger for more than just me that anyone would carry a gun and discharge it at what was otherwise a joyous celebration,” he said.
“I hope those responsible will be held to account to the full extent that the law permits,” he said. “I want to commend and thank the millions of other people who happily and peacefully celebrated our beloved Toronto Raptors.”
The Raptors’ victory marked the first time the team reached the NBA Finals in its 24-season history.
The celebration began afternoon Monday with a parade featuring open-air double-decker buses carrying the team before arriving at Nathan Phillips Square.
Revelers filled the square to capacity for the rally, which included an appearance from Prime Minister Justin Trudeau.
During the rally, Tory presented the Key to the City today to the team.
He also announced that a stretch of road outside the Scotiabank Arena will receive a ceremonial street dedication as Raptors Way.
“We are so proud of our Toronto Raptors and their championship win. Presenting the entire organization with the City’s highest honor is our way of saying thank you on behalf of all Toronto residents,” he said in a statement.
“This historic playoff run galvanized and united not only Toronto, but all of Canada, bringing together fans from coast to coast to coast. The victory itself and the events surrounding it will inspire Torontonians, especially young people, for years to come.”