I'm in Buffalo, and there are at least three really good indoor water parks within a two hour drive of me, including into Canada so I don't know if that would be the best outlet for a Disney venture. Another issue is that starting yesterday you need either a passport or a license and your birth certificate to travel into Canada, even if you are driving so that may hinder some travel from those of us in the states.
However, a park like Paramount Canada's Wonderland, even though it is only open from May to October seems to do well for itself in terms of attendance. I am not saying Disney would open a seasonal park, but there is interest up north for amusement parks and I think Disney could do something wonderful. I've never been but I keep thinking about the Adventuredome in Vegas, but I don't know how a structure like that would hold up to the cold, winds, and possible snow fall of Ontario.
In terms of taking away from WDW or DL, I usually only get to go to WDW once every 2 years, BUT we take road trips in between and often end up in Canada and I would not hesitate to visit anything Disney has to offer.