Poles? Flags? Art?

I really don't know what this is supposed to be. I spotted it on Wellington Street in Toronto, close to the Soho Metropolitan Hotel and knew right away how I wanted to frame the shot...but I still don't really know what it is.

Any ideas? I assume it is some sort of arty piece often found at the entrance to new condo buildings or something to that effect. I'm sure it doesn't serve any functional purpose.