Toronto police have identified the two teenage boys fatally shot at a north Toronto housing complex on Friday afternoon.

Emergency crews were dispatched to the scene on Grandravine Drive, near Jane Street and Sheppard Avenue West, shortly after 1:30 p.m. ET after residents called 911 to report hearing several shots fired.

"It was maybe four or five shots that I heard," said Alisha, who lives in the area. "That's why I thought it was fireworks."

Police have identified the boys as 16-year-old O'She Doyles-Whyte and 15-year-old Kwame Duodu.

Police said Doyles-Whyte was without vital signs when they arrived, and Duodu was transported to hospital with life-threatening injuries.

Alisha knew the boys and described them as "good kids" and "respectful."

"I'm very emotional. I can't believe it," said Alisha. "You never think it will really happen until it does happen."

3 suspects on bikes

Duodu was rushed to a local trauma centre where he was listed in serious condition.

Police confirmed shortly after 6 p.m. that the boy had died in hospital.

Toronto Community Housing Board chair Bud Purves and president and CEO Gene Jones issued a joint written statement that said they were  "angered and saddened" by the violence.

'Our investigations are only as good as the people that come forward.' —Det.-Sgt. Terry Browne, homicide squad

"Our first thoughts are with the families and friends of the two young men shot today, and with the entire community of Yorkwoods Village," the statement said.

Det.-Sgt. Terry Browne with homicide squad said police are looking for three "young" people last seen leaving the area on bicycles shortly after the shooting.

A statement released by police describe one of the suspects as black and the other two as "possibly Somalian."

"Our investigations are only as good as the people that come forward," Browne said. "This is a tragic event, two young people have lost their lives, and we certainly want to do all we can to bring the person or persons responsible for this to justice."