Winnipeg is proof positive that if you have an arena, and ownership willing to gamble, the NHL will move franchises up north. Bettman will swear up and down that this isn't going to happen anymore, but we all know the truth - at least half a dozen NHL teams are in dire straits right now and the ONLY reason they're staying put is that there's nowhere for them to play. There are cities with an arena but no owner (Kansas City) and cities with an owner but no arena (Quebec City, this is changing soon). If the GTA builds another arena and has willing ownership, they'll almost certainly get a team in short order. It may come with a $2-300 million expansion/relocation/territory fee, but they'll get one.
The Coyotes are looking ever-more-likely to move to Quebec for next season. The floodgates have opened, and Winnipeg was just the first. I forsee 9-10 Canadian franchises before this is all done, unless the US somehow has a miracle economic recovery in the next 5 years. The NHL isn't stupid, they're businessmen. If they can make more money in Canada, they'll come crawling back.
Oh wait, they already did.