The 3rd hospital is likely to be located at Bovaird and Heritage Road, and given its location, it would likely also replace Georgetown's small hospital. The new 250 bed inpatient expansion at Peel Memorial will help upgrade that site to full hospital status, but those 250 beds aren't enough.
Don't forget too that Malton is served more by Etobicoke General than by the two hospitals within Mississauga, and that Brampton Civic also takes in patients from Caledon, which is also growing, and its population centres are closer to Brampton than they are to Headwaters Hospital in Orangeville.