I think newer 911s are so common as you get closer to downtown Toronto that you hardly even notice them, much less wave at others. They just blend into the multitude of cars and traffic. They do seem like status symbols for most of the folk that drive them. Every single 996 or boxster is silver or black. I've seen very few older 911's downtown, and exactly one ducktail, other than my own.
I was out in the middle of nowhere last week on Ridge Rd. in Grimsby (Niagara wine country) where you don't see another car for 20 minutes. A dark SC (I think) drove by and I didn't wave or flash, because we were busy looking at addresses - only noticed the tail lights - oops. Sometimes there's a good reason, other than snobbery