Most of the other reviews of this are pretty much spot on. This movie does have elements of the Italian giallo, but it is much more gritty and realistic than the garish and stylized gialli. It also resembles America slasher movies (many of which, like this movie, were actually Canadian tax shelter productions). It's not a TEEN slasher movie, however, with rutting adolescents being almost metaphorically bumped off by an unreal murderous "boogey man"; this is a more realistic movie, as much crime thriller as horror flick. It resembles gritty, urban films like "Maniac", "Nightmares in a Damaged Brain", or "The New York Ripper" but, for better or worse, doesn't quite attain that level of sordidness. It's more of a downbeat and sleazy but less harrowing film, like "Too Scared to Scream" or "Windows".
In a nod to "Hardcore" (as another reviewer noted) this movie is about a brother looking for his younger sister in the red light district of strippers and prostitutes. In a noirish touch the audience knows from the opening sequence that the sister is already dead, but the brother's search will bring him face-to-face with her killer, a vicious modern-day "Jack the Ripper" who is carving up wayward women with a straight razor.
A young Michael Ironside has a supporting role as police detective, and the murdered sister is played by a young Alexandra Paul. The latter has a long topless scene--and this might be the main reason this film is still sought out by anyone today. As for me though, I have a soft spot in my heart (or perhaps my brain-pan) for this kind of early 80's sleaze. If you feel the same way, you might want to check this one out.