in their existing markets, I have long held that, due to proximity to transit, highways and amenities, population density will continue to increase in the GTA, which benefits SmartCentres.  This may take some time to play out fully, but the trends are clear and obvious.  Below is a recent comment from the head of the Canadian Mortgage Housing Corporation, Evan Siddall.  The demand for commercial space in tightly dense areas should be robust , in addition  to mixed development residential.  

From the head of CMHC:

"For the sake of housing affordability, social inclusion, economic growth and the environment, we need to build up, not out. Urban sprawl increases GHG emissions and creates homogeneous, divided communities. Urban densification checks every box."