Well, I've lived in Toronto since I was a kid and to give you some brief ideas. I think the street signs are just to show the culture in the area and not actually meant to be useful at all. Those characters written on the sign is in Traditional Chinese. When I was young, it was mostly occupied by Vietnamese Chinese (probably immigrants from vietnam war pre and post), some Cantonese speaker chinese (not sure if they're from HK) and some Vietnamese. Overall most seem to speak Cantonese. But later the occupants seem to be all Vietnamese immigrants who don't read Chinese. All the Chinese moved to Scarborough then spread to Richmond Hill and Markham. China town was occupied by Vietnamese.
In the last few years or more most of the occupants seem to be from mainland China cuz I can't communicate with most of them. They speak Mandarin. Mainland China uses simplified chinese writing. I don't know if they even read the traditional letters on the street signs.
It's called Chinatown because that was the culture that existed/occupied there once and probably preserved in name. Who knows which community would occupy it in the next decade.
As for khristopher racist remark. I don't think you fully comprehend all aspects of why people immigrate. Some may not have had a choice to leave their country. Some people move to in order to survive some may have chosen by choice. My dad thought the same as you did, but he's uneducated (high school drop out) so I don't blame him. But I expected better from educated people.
If your ideal is to have English/French only the population in Ontario would be about half of what it is right now or less. I don't think you would have such a thriving Toronto.
http://en.wikipedia.org/wiki/Ontario (2001 census)
Canadian 3,350,275 29.7
English 2,711,485 24
French 1,235,765 10.9
Moreover, if you want to talk about original ownership. I think you should leave the country too. Canada was occupied by native Indians. We should actually be speaking like natives, not English or French.