And if we want the 4th track to reach Port Credit we also need an additional bridge over Dixie Rd and a widened embankment on the south side of Port Credit station including a new station building.
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But a 'fairly pricy undertaking' is probably still worthwhile given that we're talking about Canada's busiest rail corridor by ridership, and the first line planned to be electrified in Ontario.
Adding a fourth track through Long Branch would help a fair bit by enabling express trains in both directions to overtake locals heading in and out of Toronto.
Just getting the quad track to Port Credit would already be a big improvement since Oakville-Toronto is the busiest portion of the line and of that portion, Port Credit - Toronto has the biggest average speed difference between express and local services (since express trains stop at either PC or Clarkson anyway). Keep in mind that the capacity benefit in this case comes from reducing conflict between local and express trains, not the theoretical line capacity itself, so that benefit still applies even if the Port Credit - Clarkson segment is only 3 tracks.
If it were up to me, we would start with a project to extend the quad track from Mimico to just west of Port Credit, which includes electrification and ETCS installation since both of those things are planned to start construction very soon on LSW anyway.
Bayview Junction is a mostly independent question since it's outside of the ETCS and Electrification scope. For the sake of project timelines it's probably best to prioritize any track expansions within the ETCS/Electric area (Burlington - Toronto - Oshawa) since it becomes much more expensive to shift tracks around after overhead poles are installed. At the very least they need to create a very optimistic track layout for Lakeshore and protect for that layout during the installation of catenary poles.