IGN recently wrote that based on some job postings, it looks like Ubisoft Toronto is working on a new IP.  The studio was lead developer on Splinter Cell: Blacklist and helped with Far Cry 4, and Assassins Creed: Unity.

You can check out the full job posting here, and article from IGN.  Make sure to follow Ubisoft Toronto on Twitter, and stay tuned to TorontoGameDevs.com for the latest on all the game developed in Toronto.