This rule mostly applies to Extra Virgin Olive Oil. Refined olive oil (Which is what you'll get if you buy something just labeled as "Olive Oil") has a smoke point that isn't much different to most other oils.
You shouldn't really cook anything with Extra Virgin Olive Oil. Not the good quality stuff, anyway. It's for dipping your bread in, salads, drizzling on soups or pastas, etc.
Toronto still has a fairly extensive streetcar network. A few former routes have been closed, but that's mostly because they were replaced by Subway lines. The Streetcar network was expanded as recently as the 1990s.