Yep, a few years ago when our dollar was at $0.60 US would've been a good time to invest. That said, I wouldn't expect our dollar to stay at $1.10 US for long:
http://www.cbc.ca/money/story/2007/11/07/ont-dollar.html
I'd say don't buy in Toronto - there's a lot of speculation that values are overinflated. Not quite a bubble, but they're not really likely to go higher. Similar to what Bob said about Calgary, a lot of people are getting priced out of the market. We sure were.