Rankin was fatally injured in a collision with a taxi on Wednesday afternoon, near Universtiy Avenue and Richmond Street West.
He died a short time later in hospital.
His family says they always worried about such an accident happening.
"Because he was always on his bike there was always — the possibility always existed in my mind. You hope it doesn't happen — and then when it does happen it's just an awful feeling," said his brother Stuart.
"I can understand why Mike got hit," his father Bruce said. "He would be so hyper and riding so fast, whether it was just on an afternoon ride."
The family is grieving.
"We were with Michael (when he died)," said Bruce. "He had just a few breaths left by the time we got here."
Friends were upset with police that Michael's belongings ended up in a nearby trash can.
But his family says they're grateful to the officers that tried to help Michael that day.
The family says they believe no charges will be laid.
The Rankins say they have been told by police that the taxi driver had the right-of-way.
"I didn't even think about who's fault it was or who's fault it wasn't," said Stuart. "It wasn't going to change, bring Michael back."