Police said the incident happened around 10 a.m. ET when the cyclist, turning left off Villeneuve onto Park Avenue, was struck by a Toyota Corolla heading east on Villeneuve.
A witness at a nearby café said he saw the cyclist, who was not wearing a helmet, flip over the bike and land several metres away.
Police are questioning the 25-year-old driver and investigating to determine who was responsible for the collision.
The cyclist is expected to recover from his injuries.