It's probably inappropriate to call this a bid, since the only bidding that was done was done at Philcon I, the 1947 worldcon. The Toronto bidders were Beak Thompson, Ned McKeown and John Millard. Jack Speer,
a New Yorker at the time, had driven to Toronto to bring Beak Thompson and Ned McKeown to the Worldcon. John Millard, who also lived in Toronto was also at the convention and they mentioned to him that they had thought about having a Worldcon in Toronto, but were not sure they could do it. Millard was enthusiastic, and convinced the others to go ahead. They printed up flyers and banners and wrote their bid speech over the weekend.
The competition was a forgotten Milwaukee in 1948 bid.