It is simply untrue that the overall utilization of the infrastructure is low. Streetcars on King and Queen are usually jam-packed, unless you are in the far east and west ends. The bike lanes running east west on King, Adellaide, and other streets are very heavily used.

And it's true that most people who were driving won't trade in their cars for bikes, for various reasons. I am not sure how that factors in at all here.