The suspect in a Canadian Tire robbery and double stabbing had taken a hostage in the moments prior to being shot by officers, the Vancouver police chief says.

Speaking at a news conference Friday, Chief Adam Palmer said a large man, who was 6-1 and 380 pounds, entered the store in the area Grandview and Rupert Street dressed in camouflage.

Palmer said the man stabbed a store clerk in the back and across the neck, then opened some of the store's gun cabinets and began to remove the firearms inside.

"The suspect subsequently abandoned the weapons, and began making his way to the exit, as police continued to receive multiple 911 calls" Palmer said.

On his way to the exit, the suspect grabbed an 82-year-old man who'd been shopping at the store, and held him hostage at knifepoint.

As the pair exited the store, they were confronted by responding officers.

When police tried to arrest the suspect, he stabbed a VPD officer "multiple times, including in the head and the abdomen," Palmer said.

Police shot the suspect and he died at the scene.

Palmer did not comment on how many times the suspect was shot, but video obtained by CTV News appears to show the man being shot multiple times. Several loud bangs that sound like gunshots can be heard in the cellphone video, and the officer seen in the footage appears to be holding a gun out in front of him, and pointing it at the suspect.

Witnesses reported hearing three or four shots at the time. Officials have not confirmed a number of shots fired, saying only that the suspect was fatally shot by police.

The shooting is under investigation by the province's police watchdog, the Independent Investigations Office.

The injured officer and Canadian Tire employee were rushed to hospital with life-threatening injuries. Palmer said both are in stable condition in hospital.

Fortunately, the 82-year-old hostage was physically unharmed in the incident.

Additional officers arrived and searched the store for additional suspects and victims.

On Thursday, Montague said there were unconfirmed reports of a possible second suspect, but that investigators have been unable to confirm whether anyone else was involved. Palmer said that, after reviewing surveillance camera footage, they are confident that the suspect acted alone.

Police have not provided the suspect's name, but said that he is a 38-year-old Vancouver resident originally from Alberta and is known to police. He will be publicly identified early next week Sgt. Brian Montague said.

Officers said a search of his home provided police with "concerning evidence" of "possible criminal intentions," but they did not provide more information on what was found in the residence.

Anyone with video of the incident is asked to contact police at 604-717-2500. Officers are specifically interested in video that has been provided to the media, Montague's statement said