The central business district place in Toronto where the security van kept the American President hostage was Nathan Phillips Square. Wikipedia states that the location is "an urban plaza that forms the forecourt to Toronto City Hall, or New City Hall, at the intersection of Queen Street West and Bay Street, and named for Nathan Phillips, mayor of Toronto from 1955 to 1962".
Vice President Ethan Richards:
I've been in politics for over thirty years, and nobody has wanted the Presidency more than me. But all I've got to say is that I'm glad that you're not the one making this decision.
When the president is first handcuffed and taken hostage, chaos erupts and the people playing crowd extras can clearly be seen laughing and smiling as they are crashing through the barricades.