A man who was stabbed Saturday on the Caribbean Carnival parade route in Toronto is now in stable condition, according to police.

The victim, a Toronto-area resident, was stabbed twice in the chest during an altercation at around 7 p.m. ET.

He was taken to hospital where he was first said to be in critical condition.

Police say a man is now in stable condition in hospital after being stabbed Saturday. (Michael Charles Cole/CBC)

Police also say a person of interest is in custody.

No other details have been released, however it's reported the violence panicked people in the area, sending them running.

The event, commonly called Caribana, is in its 47th year. The parade is the marquee event of the three-week festival and winds along a 3.5-kilometre stretch of Toronto's Lakeshore Boulevard.

A spokesman for the festival had touted improved safety measures this year after the death of a Mississauga, Ont., teenager who was run over by a float at last year’s parade.