You'd be surprised. Used bikes are not so cheap in Toronto... crappy out-of-adjustment big box specials go for 80-100 bucks a pop and anything better is accordingly more expensive. There are people who still bikes for a living. Sometimes they'll just come to a rack that's not properly bolted to the ground, load the whole thing with a dozen bikes chained to it into their pick-up truck and drive off. Or so I heard from a former police officer who said he dealt with bike thefts a lot.

I've also heard of thieves who carry smaller bolt cutters and some PVC piping. This set up is much more compact and easier to carry discreetly but offers instant handle extension.