MTCC - 600,000 sq ft - makes it tied for 32nd place among
large convention centres in North America.
Toronto needs a larger convention centre, there is no doubt about that, however, Oxford holds the key because as long as the existing convention centre exists, one could not build another one even of greater size due to the limited number of conventions that might need such a large one.
This will all hinge on Oxford being able to redevelop the whole site - including at least one office tower - to make it financially feasible. Unfortunately we have a plethora of office project both planned and approved without enough demand to build them all. My guess is Oxford is in no rush to do anything with "Oxford Place" for quite some time.
Oxford will likely use the city's need/desire for a larger convention centre as a negotiating "chip" when they are looking for approval for whatever project they bring forward