If you wish to call it more of a reflecting pool than fountain, fine, but as a reflecting pool it is "grand". It is large, serene, popular with the "let's sit around a pool of water" crowd and otherwise serves an identical function to a "grand" fountain. I recognize it is modern and not faux-historical, so perhaps not to your taste.
I don't understand the call for a fountain at York Quay. Toronto has numerous fountains in varying states of repair and disrepair. If Toronto is lacking some grand historic fountain, and there is a reason to build such a thing, York Quay does not seem the place to do it. It is not that big a space and is to be used for events. Any fountain of notable size would significantly reduce the square's useability for events.