A New Year's Eve stabbing in the northeast Calgary community of Saddle Ridge shortly before midnight has a victim in hospital and a neighbour calling it 'disturbing' for a tight-knit community.

Police received the call at 10:25 p.m. on Thursday initially coding it as a disturbance, a Calgary police spokesperson tells CBC News.

The female caller then alleged a stabbing took place, while she was on the phone with the 9-1-1 operator.

Police say one male was taken to hospital from a home in the 100 block of Saddlemead Green N.E. in serious, life-threatening condition.

He is now in stable condition.

A resident who lives nearby says the incident has her shaken.

Diana Sharma

Diana Sharma says the incident is disturbing for a tight-knit community. (CBC)

"It's disturbing because here, I don't expect it. We know all of our neighbours," said Diana Sharma.

"We are very tight knit in this couple of blocks here, so it's disturbing for sure."

She says there was a huge police presence as the investigation was under way.

Police say the incident does not appear to be random and a have identified a male suspect but no arrests have been made.

The general investigation section is investigating.