Yes.
Feel free, but I'm confident in that assertion. The court case discussed above clearly labelled the land as perpetual easements. Development land was separately allocated from railway easement.
Here's a report from last year on railways and other easement/row
levy payable to the City:
From the above, the actual levy amounts:
View attachment 630578
Note that the $714,000 in payments is certainly not in line with market value ownership.
Quick math, if the land were zoned industrial and paid industrial class property tax rates, CP would owe the City at least 21.6M per year. (assumed land value 3.5M per acre)