"I want the city to look at a more modern approach to serving business," Tory said in a speech to the Toronto Region Board of Trade.
The mayor said businesses – both established and fledgling – are being "stifled by endless bylaws and a byzantine regulatory environment."
He promised changes would be introduced as early as this week to reform the current food truck system.
"We created a regulatory regime that was an abject failure," he said, promising a "food truck freedom day" when the new rules come into effect.
"We may be late to the party, but we are finally doing the right thing," he said.
Tory also took aim at Toronto's taxi and ground transportation system, repeating his stand that new players like Uber are not going away and that change is needed to meet "shifting consumer demands."
Decrying the current 50 page section in city bylaws on taxis alone, the mayor called on all players to "come to the table and do what's right" to reform ground transportation.