The Canadian Broadcasting Corp. reported the two officers were alive but their condition was unknown.
The wounded mounties were flown to an Edmonton hospital for treatment, CTV reported. One officer was shot in the stomach and the other was shot multiple times, the news network said.
There were varying reports about who was responsible for shooting the mounties, who were at the residence looking for a handgun when the shooting erupted. CTV reported it had not been able to confirm word from a source that a third person had died in an exchange of gunfire with the law enforcement officers and a fourth person was injured.
Postmedia News reported an RCMP spokesman said authorities were trying to determine whether a second suspect was still at large. The news agency said sources told the Edmonton Journal another suspect was shot to death. The RCMP said one suspect may be inside a "structure" that was surrounded by police.
"Following the incident, RCMP personnel have contained the residence and efforts are presently underway to ascertain whether or not other persons are still within the structure," CTV quoted RCMP Chief Superintendent Rick Taylor as saying Tuesday night.
Premier Alison Redford called it a "very unfortunate" situation.
"I talked to the deputy commander of the RCMP just before we went in," Redford said. "I'm glad there's no loss of life but sometimes even these shootings can lead to pretty serious injuries so hopes and prayers are with their families."