I wrote to MEC about this, saying it's a bit, if not very insensitive to sell Ghost bikes in a city like Toronto or anywhere really. They wrote back letting me know my comment is being passed onto the Head Office. Shall keep you posted.
Story on Torontoist: http://torontoist.com/2012/02/mec-advertising-ghost-bikes%E2%80%94no-not-those-ghost-bikes/
Response from MEC head office: "Apart from the name, moreover, GHOST bicycles bear no resemblance to bike memorials: were you to place one next to the other, the two would stand in sharp contrast."