I was just reading about this in Ontario Golf. Here's their take on it. Sounds like a little bit of both renovation and restoration.
"ENGLISH TEE
Although it dates back to 1867, making it North America’s third-oldest golf club, Toronto Golf Club’s lasting imprint was left by England’s Harry S. Colt, who laid out the present-day course in 1912. So perhaps it’s appropriate that the refurbishing of the highly lauded course has been entrusted to another Englishman, Martin Hawtree—a man not unfamiliar with Southern Ontario, having designed Tarandowah Golfers Club, which won Ontario Golf magazine’s Best New Course in 2008.
To prepare for renovations, Toronto Golf Club—one of two Colt designs in Canada, the other being Hamilton G&CC—will be shutting down for play on July 2 and will reopen in the spring of 2010. Its nine-hole Watson Course will remain open throughout the renovations.
“It’s a bold step for this club,” says general manager Glenn Smale, noting the project went out for tender in November and came back under budget. “Basically we’re trying to restore the Colt flavour by tweaking the course.” That includes a little bit of everything: a new irrigation system, bunker relocation and removal, breaking up some tee decks to make the course more playable for high handicaps, fairway realignment, new fescue grasses on the fairways and elsewhere, as well as improving the views throughout the course. “Martin’s knowledge of what Colt was doing has been a great help,” Smale says. “There’s no one in the world who understands Colt better.” —BRENT LONG"