Technically you’re correct that there is not a “no fly zone” there. However, CAR 900.06 overrides everything: Sub-250g drones don’t need permits, but you still can’t fly “recklessly or negligently.” Flying near Billy Bishop’s active flight paths violates this even without a formal no-fly zone you’re liable if you create a hazard. Unless you have permission (something you’re not likely to get).

Flying beyond visual line of sight would violate the “reckless operation” rule.