Yes. We are still a city that was primarily industrial until the 1970s. We don't have the long history of being a global metropolis and market hub like Paris, Amsterdam, NYC, London, or even when compared Montreal.
Once you view the administrative culture of Toronto as essentially midwestern, pragmatic, and industrial (think Detroit, Milwaukee, Chicago) a lot of things start to make sense. As I said before, it feels like that culture is nearly dead in Toronto but it will keep kicking on its way out the door.