Bike lanes are more…

Bike lanes are more important than having additional lanes for cars. The road network in Toronto and other cities in Ontario is dense and complete, but the bike network is sparse and disconnected. It's important to build out this bike network, especially running along major streets which have important destinations and which offer direct paths through the city.

Although a lack of bike lanes deters most cyclists, there will always remain some who will ride anywhere, whether or not there is a bike lane. Having these cyclists in the middle of regular traffic is dangerous and will effectively negate the assumed benefits of having more lanes for cars. It is better to create the dedicated bike lane and keep bikes separated from regular traffic.

As an alternative, I would suggest scrutinizing street parking on major roads. Many major roads have street parking, but this creates accidents and huge slowdowns when someone decides to parallel park. Removing street parking in strategic places could greatly improve road capacity and traffic flow.