Is it an accurate depiction? The painter was Henry Martin. The only online biography I found says that he was mainly a Romantic landscape painter. In other words, his pictures may be no more accurate than Bartlett's!
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Do you have other pictures of Firehall No 1 that you can share?
For what it's worth, Landmarks of Toronto (Vol2, p565) has this image of the 'First Fire Hall' :
That seems to match the face of the middle building in:
Have you been able to find evidence that the Bay and Temperence firehall was constructed with a hose tower? I've done a lot of research on Toronto firehalls and have never seen a photograph of Bay & Temperence with a tower. The hall that was built in 1841 (to replace the ad hoc sheds put into use in 1839) seems to have survived in mostly its original form until it was decommissioned.
Old Post Office at 685 Danforth Ave.
What is it now?