It has been known for a little while that Canada's Wonderland has stated future plans containing a new roller coaster and a hotel. According to planning documents filed at a planning meeting last week, the construction period of the ride will be from January 12th 2018 to January 11th 2020.
This means that the roller coaster will likely be open for the 2019 or 2020 season. The ride's specs and model are not specified, but all we know is that it will be placed somewhere between Vortex and Windseeker. One of the features of the ride will be a tunnel which dives into the pond, like Anaconda at Kings Dominion does.
This is not too large of an area, so I would assume that Cedar Fair may be looking at more of a compact model, such as a Dive Coaster, or similar type of ride. The big gimmick will be the dive into the water.
As for other news, there are plans in place to update the park's entrance and parking plaza, which could be completed by 2019. Cedar Fair has never been fond of the old Paramount Parks' infrastructure, especially on the front end. Look for them to do some work here, and parks like California's Great America in the future.
The hotel will likely open by the 2020 or 2021 seasons, but I have yet to hear solid sources on this one. No planning documents have been filed, but Cedar Fair is looking to design and brand this hotel as their own, much like they do with Breakers at Cedar Point. Carowinds has been subject to similar rumors, being one of the flagship parks.