“Monday’s 700 cases in Ontario came from 41,111 total tests, for a positive percentage rate of 1.7 per cent. On April 24, the previous watermark of 640 new cases in a single day, the result came from 12,295 tests, for a positive percentage rate of 5.2 per cent.”

“According to data from the Ontario government, there were 128 people in hospital in Ontario with COVID-19 complications on Monday—the day 700 new cases were recorded—up from 65 a week before; however, on April 24—when 640 new cases were recorded—government data shows that there were 910 people in hospital. The peak for hospitalizations in Ontario came in May, when there were days when more than 1,000 people were hospitalized. That number steadily decreased from May through the summer before it began going up again in September.” (Source)

Two key nuances - the # cases is a lot higher but % of positives is much lower. While the positive cases are as high as the weak in April, hospitalizations are a lot lower.
That’s the problem when we only look at one absolute number. In data analysis, the context around the number is usually just as important.