In some ways yes... were you even in Toronto 30 years ago? Toronto is slicker and more global today, no question, but in terms of music, comedy and the arts scene I'm not so sure the output today is as rich and organic as it was then. Rose coloured glasses, you say? Not sure, but it's certainly not as self-evident as you imply.
The only thing I can reasonably assured of is that one day our good friend ksun will find himself pining inexplicably for "the good old days."