The Emirates thing comes up every now and then. Simply put, what Emirates really wants is daily rights into Toronto, they are dangling YYC and YVR service as a carrot to get what they really want.
Also keep in mind Emirates wasn't happy with the 6x agreement between the governments, and as they waited Abu Dhabi based Etihad snapped up 3 of those flights. Only then did Emirates take the remaining 3.
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