It is an arrestable offense and it's not even borderline. Honking air horns and train horns in (or near) a residential area is an easy mischief charge under the criminal code, as mentioned above.
Here they are around 11pm last night: https://youtu.be/bZ6d2rnUvi8?t=1988
Plenty of truck horns, a train horn, and someone continually engaging his Jake brake. There are apartments 50 meters away on Sparks St. And if memory serves, there are plenty more on Queen St. close enough to be kept awake by that much noise at that time of night. It's difficult to see how that's not depriving residents of lawful enjoyment of their property.
That's an indictable offense, which makes it an arrestable offense as per the code:
495 (1) A peace officer may arrest without warrant
(a) a person who has committed an indictable offence or who, on reasonable grounds, he believes has committed or is about to commit an indictable offence;
I realize this isn't what you want, but the law means what it says, not what you think it should mean. If you want to change it, you're free to run for political office.
But on that note, a big issue we face is that while anyone can decide to run for election in theory, in practice it's way, way easier to become an MP if you're already wealthy and can afford to take the time away from work to run a successful campaign.
So in reality, running to become a member of Parliament is least accessible to those whose voices need to be heard to most. I don't know what the right answer is, but I don't think that harassing your fellow citizens to try and blackmail the government into doing what you want is the way to go.