Most Torontonians don't even realize we have an official city flag. It was adopted in October, 1999 and consists of the twin towers of City Hall on a blue background, with the red maple leaf of the flag of Canada at its base, representing the council chamber at the base of the towers. The shape of the space above and between the towers suggests a letter "T" for Toronto. Have a look.
I think the space above and between the towers suggests a letter "T" for terrible. No sir, I don't like it. If I were designing a new flag for the city of Toronto, I'd go with a racoon knocking over a curb-side garbage can or a smiling scalper outside the ACC during the Stanley Cup Playoffs. Anything is better than this.