Where did you get the idea that Raptors are necessarily prehistoric and/or extinct? Living birds of prey qualify as raptors, e.g., eagles, hawks, osprey, and owls.
So, the Toronto team might choose as a name a particularly fierce bird-of-prey species, perhaps Goshawks, which inhabit northern latitudes. Or they might go with Ospreys, aka Fish Eagles, to take account of their lakeside location. Or perhaps Great Gray Owls, which breed in the far north of Canada -- that could be shortened to "Great Grays" as a team name, with an owl's head logo.