This may be out on a limb, but does the purchase of track north of Washago make it worthwhile to consider rebuilding the old route between Washago and Brechin via Longford Mills and Atherley?
Perhaps it would it be cheaper than paying CN to install multiple sidings with grade separations. (I know it would not be cheap, but maybe just cheaper than the grade separations?).
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I think the Cedarbrae siding would then be halfway between the double track at Bloomington GO and the start of government track at Brechin, for passing trains.
Also, you could add together the money saved from trackage fees paid to CN for freight coming to and from North Bay on that 30 km stretch, the passenger revenue/economic activity from stops near Orillia and at Casino Rama, and the operational benefits of VIA and the Northlander trains controlling the signalling on that stretch.