Main issue with Canjet had always been they chose the most competitive and expensive airport to fly out of - Toronto, and they thought they could out-do AC WJ and AT. Hamilton or Waterloo would've saved them a lot and if Canadians are willing to go to Buffalo for cheap sun travel, these airports would've made sense and definitely would've been cheaper fares.
That's what NewLeaf and Jetlines are hoping to do. Both are trying to launch this year with "ultra-low" cost models.