Winnipeg police say a man is dead and a police officer was sent to hospital following a serious incident in a residential area in the northern portion of the city.

Police say at approximately 4 p.m. Saturday, officers responded to reports of a stabbing at a residence in a neighborhood known as The Maples.

When police arrived to the scene, they came across an altercation and the 33-year-old suspect allegedly stabbed a member of the tactical support team in the upper arm.

Police say the suspect was shot by an officer and transported to hospital in critical condition, where he later died. The officer went to hospital in unstable condition.

"Just to give you an idea of what happened, the officer was stabbed, and the individual was shot,” Const. Jay Murray, spokesperson from the Winnipeg Police Service, told reporters Saturday.

“(The gunshot) was a reaction to the stabbing."

Murray said officers had visited the home in the past. The suspect was known to police and had a prior criminal record.

Officers used a tactical tourniquet to stabilize the 35-year-old officer’s arm, which they say may have saved the officer’s life.

“It’s a crucial tool that we have,” Murray said. “We’re seeing more use of it than we’ve ever seen before in the service and tonight is just another example of one of the many uses that we have for it.”

Police say another male suffered minor injuries.

"(It was) just sheer panic,” Helen Crane, who lives on the same block where the incident took place, told CTV Winnipeg.

“There was a lot of yelling and a lot of commotion and then more people were coming out of the house, so there were some smaller kids that were in the house when this happened.”

Crane saw a few people get taken away on stretchers, including a police officer.

“It really worries me that things can happen so quickly.”

The Independent Investigation Unit of Manitoba has been notified. They are responsible for investigating all serious incidents involving Manitoba police officers.

There have been three officer-involved shootings in Winnipeg in the past three months.

With a report from CTV Winnipeg.