I keep saying this and I keep hearing the same arguements. Toronto has as much of a chance to win 2020 if they choose to bid for it!!! Arguements about that it would be too close to Vancouver 2010 or the PanAms in 2015 don't really make that much sense based on previous bid winners. In fact, one post actually mentioned that 2020 will be in Europe because the European IOC voters expect the games every ten years... absurd.
IF and I say "if" Toronto were to bid for 2020? This bid would resemble what they put forth for the 2008 bid (close to the waterfront, near the downtown core and quite accessible to Public Transit and Hotels). This land has barely been touch and has "Olympics" written all over it! In fact, none of this area is being used for the 2015 PanAM Games.
Toronto will build a NEW Athletics Facility that will be used for Track and Field, Opening/Closing Ceremonies and the Football (soccer) Final (the PanAM facility will not be used except for soccer and maybe Field Hockey). They will build a NEW Aquatic Centre that will host Swimming and Diving. (the new UofT Centre will host synchro and Water Polo events) Toronto will not need a Veledrome since a new one is being built in Hamilton. (Keep in mind that Hamilton is close to Toronto.... and in 1976, the Sailing events were not held in Montreal!!! They were held in Kingston, Ontario.
Rio won the 2016 Games based on two facts... the continent had never hosted a SOG and they had the facilities built after they hosted the PanAM Games in 2007. Toronto has hosted several World Class Triathlons on the Lake Ontario Waterfront so I can see Ontario Place running this (as well as Beach Vball)
As for the other events needed... Toronto has pretty much everything in place to do this (or will have these facilities completed) well before the IOC makes their visits to inspect the projects that will be needed for a successfull games. As for Finances, you can see it anyway you want? Canada is practically the only country in the World that didn't really suffer over the recession of 2009-10. (we saw few to none forclosures on houses because of ridiculous banks lending money to people who couldn't afford it)
Lastly... to those people who mentioned spending the money on those less fortunate instead of "wasting" money on this bid effort or establishing the games if they are actually won.... I have to note the buses of the homeless moved out of Atlanta and Beijing before the games began (so that foreign visitors would not feel uncomfortable) How much money did that cost???
Based on the Cities that have expressed an interest in bidding, it seems that Toronto will have a very good shot at winning. Look at the Toronto bid book from 2008's bid and discuss the "flaws"? Even though the IOC stated they had the best "compact" bid for 2008!!! (and were approached by many IOC members with the sentiment that they should come back VERY soon) 2020 is VERY soon!!!
2008's bid was bad timing for Toronto (or any other city) with Beijings bid. It was time that the IOC went to the most populous country in the world for 2008. With that being said, it was with the same sentiment that Rio is hosting 2016 (time to go to South America). With that being said, some might argue that Africa will be the next move? I cannot see this before the 2030's or before the Continent is at least even close to the financial viability as South America (not just one or two countries)
That is my opinion and it seems quite logical. Winning a bid for an Olympic Games is almost always a popularity contest. The best bid doesn't always win and the IOC is very unpredictable!!! (ask Paris) You cannot win the lottery if you don't buy a ticket!!! This IS a lottery!!! You might have the most ticket (or votes) but the numbers change and just when you think you have it "in the bag" you lose!!! (ask Paris... or even Athens in 1996)
So state your opinions based on facts... not just "it's this continents time"? Look at the positives for each potential bid and weigh them against the other bids. Then come to your conclusions