The City of Toronto Act was to be reviewed in 2009, two years after it was first proclaimed. Here is the Ontario Government's web section on the review
City Of Toronto Act Review 2009 From: Jennifer Franks
Senior Policy Advisor
Local Government Policy Branch
Ministry of Municipal Affairs and Housing
I have been asked to respond to your inquiry from November 1st regarding changes to the City of Toronto Act in Bill 212. According to the Ontario Legislature website, second reading of the Bill began yesterday, November 2nd. As for the timing of other sessions such as committee debates and public hearings related to the Bill, this is up to the will of the legislature. If there will be public hearings on the Bill, the legislature will post a public notice.
Concerning changes solely to the changes affecting the City of Toronto Act, attached is the Schedule to the Bill which deals with changes to items proposed by the Ministry of Municipal Affairs and Housing (the changes to the City of Toronto Act are included here). This document also contains explanatory notes at the beginning.
I hope you find this information useful.