Holyday said he still has confidence in Ford, but said that he is willing to step up and replace the mayor if that becomes necessary.
Regardless, the scandal is hurting the city's reputation as the Star and Gawker's coverage is reposted around the world, the deputy mayor said.
"Whether you can blame the mayor or not blame the mayor depends on whether the story is true," Holyday said. "I don't know that and I don't know that any of you do."
He added: "Certainly we all know that videos can be altered and we certainly know that drug dealers can't be trusted."
CNN has been trying to interview the mayor for several months regarding the recommendation that Toronto create supervised injection centers for drug addicts. The mayor has declined all of CNN's requests.