The conclusion comes six weeks after the couple was found dead near their indoor pool and a week after private investigators announced that the couple was murdered.
Police initially theorized that the deaths were a murder-suicide, citing the fact that there were no signs of forced entry and no suspects.
“We have sufficient evidence to describe this as a double homicide investigation and that both Honey and Barry Sherman were in fact targeted,” Det. Sgt. Susan Gomes told reporters on Friday.
The couple was found hanging by belts from a railing that surrounds their indoor pool and they were in a semi-seated position on the pool deck, according to Gomes.
The couple’s home had been put up for sale shortly before their deaths, for an asking price of about $5.4 million. The bodies were discovered by the real estate agent, who let herself in with the key that had been given to her.
Police have released the home to the Sherman family.
The Sherman family hired a team of experts, including former Toronto homicide detectives, to conduct a separate, independent investigation.
Barry Sherman was the 15th richest Canadian, according to Canadian Business magazine, with an estimated wealth of $4.77 billion Canadian, or $3.65 billion.
In addition to donating some $39 million to the United Jewish Appeal, Sherman was a fundraiser for Prime Minister Justin Trudeau’s Liberal Party.
Honey Sherman sat on the boards of several Jewish organizations, including Mount Sinai’s Women’s Auxiliary, the Simon Wiesenthal Center and the American Jewish Joint Distribution Committee.
The couple donated millions to local hospitals, schools and charities.