Toronto Urban Gymnastics

What is it then, Matt? (I don't know)

Incredible skill on display there, but Matt is correct that it isn't parkour. I saw gymnastics, tumbling, breakdancing, capoiera, and other martial arts. But without one person running up a wall or jumping through a railing (to over generalize it), it doesn't make the connection to what is typically considered Parkour. Watch the opening chase scene to Casino Royale and you'll see the difference. This in no way detracts from what these guys can do... that's mind blowing.

CJM you sound confused. Parkour and freerun are two different things. There are no flips. Parkour is only movement required to get somewhere quickly.

That video is a wondeful example of 'Tricking'
A lot of the aspects and disciplines of 'Tricking' and 'Parkour' intertwine, but in application, they are very different.
Whereas Parkour focuses around flow and the efficiency of getting from point A to point B. Tricking, in full essence of the word, is the performance of tricks. Where Tricking and Parkour meets can often be found in many of the videos found online (beginning with those of David Belle from France a few years ago) where the application of parkour is showy, and reflects the traceur's personality in their movements.
Of course, like many things created by the public and analyzed by the public, theses definitions are not uncommonly disputed. However, what I have presented above is what is generally agreed upon within the parkour communities of Canada and many European Countries.