While none of the following comes from Wikipedia -- I didn't even look there, as their Canadian radio history is generally pretty poor, at least in comparison with most of the U.S. station history they have -- I didn't do any original research either, relying mainly on what Bill Dulmage did a decade or more ago.
I'd be interested in knowing if anyone has found any seemingly reliable contradictory claims to the following.
From what I can piece together, what was to become CFRB-FM in Toronto, first was signed on by Ted Rogers, Sr., as VE9AK, with an experimental license and 50 watts, in 1938 on the original FM band, around 42 MHz. It was off the air from 1942 until sometime in 1945, considered a unnecessary waste of resources during the last half of World War II.
It did not become CFRB-FM until 1947 when it moved to 99.9 MHz in the newly-defined FM band, with 750 watts. Power increased to 200,000 watts late in 1960. Until April 21, 1961, the FM had been a full-time repeater of CFRB-AM; on this date, it switched to separate programming except overnights, which remained simulcast. The call letters changed to CKFM-FM in 1963.
Meanwhile, CBL was simulcast on 250 watt VE9EV-FM beginning on October 9, 1946 as an experimental license, becoming CBL-FM sometime in 1947. I'm not clear if VE9EV operated on 99.1 MHz right from its beginning, but, if it did, that would actually make it the first Toronto station on "today's FM band".
CBL-FM was simulcast until April 4, 1960, at 7:00 p.m., when the CBC FM network first began. But on November 1, 1962, all CBC FM stations went back to simulcasting their AM counterparts, until 23 months later, when the CBC FM network reopened.
The CBC had been doing daily, but not full-time, FM broadcasts in Montreal in 1945, to allow the CBC and private companies to test FM receivers they were manufacturing. The station went full-time, with an experimental license, as VE9CB on March 13, 1946, on 98.1 MHz with 250 watts. The assumption is that the FM receivers being manufactured were for the new FM band that a North American treaty had set to start in 1947. Which would have meant that the CBC's 1945 daily broadcasts in Montreal were on the new FM band, not the old. Making the Montreal CBC station both the first daily FM broadcaster on the new band, and the first full-time broadcaster on that band. In Canada. Rogers' VE9AK would still be Canada's first FM station.