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Another suggestion to get people registered is to add a link at the bottom of every listing. The link can be something simple like "Add your own!". When the users click on it, they would get directed to either add a listing, or if not registered, they would get directed to the login page where they have the option
Your front page would need more content to reflect what it is your site is about. Most people can tell if it's something that suits their needs within a few seconds. Placing business news on the front page block may help. Also adding a block where the 5 most recent entries are displayed, etc etc might help.
The trick is getting them to stick on the front page. So long as it's not too cluttered, people will be interested and want to poke around.
Also, add a ton of directories yourself. Right now, your listings are very sparse. I don't know where you can start to get some listings, but you can try Toronto.com for some ideas for starters. Although, you may want to look around for things in Richmond Hill, Markham and Newmarket, where business is growing rapidly with suburban sprawl. If you throw about 3 or 4 businesses into each section, visitors may look around more for what they need.
If your willing to beat your feet, then make up a single page flyer and hit the business areas. Just getting people from 16th and 404 alone will yeild some good results, especially if it's free
Witout content, there is no real reason to stay. If you have more listings, people will stay and eventually want to add their own, provided that the option to do so is obvious and worth it to them.
Just my take on it, there are of course other ideas and options available.