With so many displaced potential aviation students in the GTA, Sheridan's program could pick up, or another smaller, local flight school could market specifically on the back of the impending change at Buttonville.
The school that takes up the charge will have to convince potential students that it's worth changing lanes. Their fleet must be strong, their instructors well qualified, excellent teachers (both in the air and on the ground) if they are to convince students to spend their hard earned $$ there rather than wait for the inevitably state-of-the-art facility that will likely blossom on the Pickering airgrounds a few years hence.
It will be interesting to see if anyone takes up the challenge, or if this opportunity will move as slowly as most things seem to in aviation!