Why does everyone assume that the current placement of the runways is a given?! Move them further away from the city and everyone is happy! And I have yet to hear a valid reason for why it can’t be done which means there isn’t one and the real reason is political or bureaucratic.
You've been given several good reasons above, including
@smallspy who is entirely on point.
Now, lets add:
1) Anywhere that is not the airport, on the Islands is City of Toronto property, A Park, and beaches, and is not available.
2) Extending the runway directly west, much further than 200M you will run into serious issues with Ontario Place, both existing and proposed, and marina traffic in the vicinity as well, not to mention sewer issues.
Further, a significant western runway extension would place the flight path/approach over Humber Bay......are you aware of anything tall there that could possibly be a problem for a low-flying plane on take off/ landing?
3) Re-orienting the runway would not simply be expensive, there is no flight path /overun space to the north if you do that. There are very large towers at Lakeshore Bathurst, smaller ones, and some silos we all like very close at hand.
Re-orienting would also impact Hanlan's Beach.
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Put another way, not happening, no chance.