Pretty much, yes. At least in summer. Downtown Port Arthur rivals it but I think Downtown Kenora is better, it's more dense. Downtown Port Arthur has a hole in it full of single detached homes and it separated from the waterfront by the railway. Kenora's downtown has always been right on the water without separation. Many of the buildings have docks for boaters.
Another cool thing about Kenora is the amount of people living on the islands in the lake. I've heard it described as "the Venice of Canada".
There are also working on a waterfront development/downtown revitalization project that rival's ours in size and scope. Like Nipigon, they're spending far more per-capita than we are and the project faces much less opposition. If Kenora had a post-secondary institution, it would be perfect.