Only some of it.
By next year the ENTIRE western leg of Smart Tracks will be done........it's called the UPX. All they have to do to get the first leg of Smart Tracks going is to let Torontonians take it. Yes electrification, more stations, trains, frequency but that can be phased in. UPX is exactly what UPX is, suburban rail except Smart Tracks would actually let people use it using their TTC pass.
As soon as the games are over and line goes from high ridership to pathetic overnight, you will see UPX system cancelled in it's current form and transferred over to Smart Tracks. In the course of a month you will take a useless luxury liner and create a true rapid transit line serving hundreds of thousands of people and scores of destination with rapid transit that currently have none.