They studied DVP bypass lanes over a decade ago, and the bypass lanes you see now is what was possible, given width constraints. The thinking was that it was a bandaid measure for the most heavily impacted trips during rush hour (a quite small number), which would be mitigated by rush-hour trains.
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I do agree that more effort should be made to make dedicated bus routes along the major highways, I think there's a great opportunity to make transitways along them for both local and GO buses.