Toronto police have identified the city's first homicide victim of 2020 following a shooting near Regent Park on New Year's Day.

The deceased and a second individual were in a parked vehicle on Oak Street just east of River Street at around 10:30 p.m. when another vehicle, believed to be a small dark-coloured sedan, pulled up alongside them and an assailant or assailants opened fire.

Paramedics initially rushed both victims to hospital via emergency run but on Thursday morning police confirmed to CP24 that one of them, a 21-year-old man, has since succumbed to his injuries.

He has been identified as Ahmed Yakot, of Toronto.

The second victim, who is also 21 years old, remains in hospital with serious but non-life threatening injuries.

Homicide detectives are currently investigating at the scene.

On Thursday morning the black Hyundai Sonata that the victims were in could be seen riddled with dozens of bullet holes.

Evidence markers were also scattered over the roadway, marking the location of shell casings.

One nearby resident, who spoke with CP24, said that he heard a rapid succession of gunshots while taking his dog out for a walk at around 10:30 p.m.

“It all happened so fast, I didn’t get a chance to count them but maybe eight to 10 (gunshots) and then a lot of yelling. It was kind of chaotic. There were people running from the scene, people running into the store,” the man said.

Police say that they have spoken to some witnesses but are looking to speak with anyone who may have left the scene without speaking to officers.

They are also seeking anyone with CCTV or dashcam footage around the time of the incident to contact investigators.

No information has been released about potential suspect at this time.