It could ... but I think regentrification is well underway. It's hard to find even a 1,000 ft² semi in Leslieville for much under $half-a-million any more. Prices have escalated significantly over the last 5 years since I was house-hunting. There are signs of change; the Grinder at Gerrard and Marjory, the brand-new Starbucks at Gerrard and Jones, the Good Time Fitness at Gerrard and Coxwell (surely there must be a coffee place following that), even one of those long-abandoned stores at the SE corner of Upper Gerrard and Coxwell is being renovated; surely a butcher, a baker, and a candlestick maker will surely follow. Though at the same time, Little India is under a lot of pressure - presumably being challenged by other options in the suburbs. There's an old myth that says when the Lahore Tikka House is finally finished, so too is Little India - and at the rate they are progressing lately, it may only be another decade!
Higher-order transit wouldn't hurt - but by the time it opens 10 to 15 years from now, I expect the process would be pretty much done already.