It happened at a residence on Rosebank Road at around 7pm
Police said officers found a 56-year-old man inside the home suffering from serious stab wounds.
He was taken to a Toronto trauma center where he was later pronounced dead.
Police said they soon located the suspect in Toronto and arrested him with the help of Toronto police.
He has been identified as 23-year-old Seedjan Sulaiman Khail from Pickering.  He faces a charge of second-degree murder.
Police said they are not looking for any other suspects at this time.
Meanwhile, police have not released the identity of the victim, who is the area’s 11th homicide victim of the year.  They said an autopsy is scheduled for Sunday.
Police continue to ask anyone with information to contact homicide investigators at 1-888-579-1520 ext.  5421 or Crime Stoppers anonymously at 1-800-222-TIPS (8477).