There aren't any other newer ones nearby. There aren't ANY McDonald's close to that that I can think of.
Checking mcdonalds.ca, the nearest ones are 2500 Hurontario and the Cawthra/Lakeshore location. Neither are very close.
To me that McDonald's wasn't middle of nowhere. It was in my neighborhood! Walking distance! Students from Queen Elizabeth and Port Credit ate their on their lunch breaks, IIRC (I never attended either though). So I'm sure they had plenty of business. If anything, the demographics of the area might have changed, i.e. the area got older. My elementary school had approximately 210 students when I was there. When I last checked the Peel board's site, Kenollie only had about 150 students.