A man is dead after a stabbing in a laneway in downtown Toronto on Monday afternoon.

It happened at around 4:15 p.m. near Charles and Yonge streets, which is just south of Bloor Street.

The victim was initially taken to hospital in life-threatening condition.

However, police confirmed at around 5:30 p.m. that the victim has died and that homicide detectives will be called in.

Police say that they are searching for a single suspect in connection with the incident.

He is described as a Black male, who is about six-feet tall. He was last seen wearing blue jeans, a grey windbreaker, a red backpack and dark-coloured shoes.

Police continue to investigate at the scene.