The station has been closed and fenced off for many weeks now. The pumps have been removed and the tall 'roof' over the pumps island has been demolished. The eastern front of the convenience store is boarded up. The 'Ultramar' sign out front is still up. There's no signage indicating what is going on.
A google search for 'island road ultramar' returns a result that indicates that the station is still a going concern. There's a phone number, 416-282-6161. I called that number and the call was answered. A gentleman with a rather thick accent told me that the station is being renovated -- pumps are to be added -- and the station will reopen in late January.
I find it all passing strange. The station hasn't been in operation all that long. It was a spiffy new station with a convenience store -- entirely adequate for its location and traffic. I can't see why they would need to add pumps.
The station was a real convenience for the neighbourhood, and it's missed. I'll be keeping a close eye on the 'renovations', and will report further on progress.