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Going to the police is not likely to help you cuz they'll just tell you they have better things to do.
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Well you can fill out a citizen's report at the westdale Community Policing Centre rather than go to an actual police station where they probably are too busy. What happens most often is the stolen bike ends up abandoned (at least in my experience) and then it's reported to the policing centre and they match it to your citizen report.
In the future you can register your bike with the new bike protection program at some of the policing centres (not all of them do it but the CPC up on Concession Street does) where you can get your bike engraved and fill out a profile for it if it's ever stolen.
Source: I work at the Concession Policing Centre.