For the TTC yes, all buses that currently use the loop will be moved to the Pioneer Village Station Bus Terminal (700m walk away). However, we still do not have any information whether or not GO buses will be moving out to Highway 407 Station as they haven’t announced their plans yet. There is speculation that they don’t want to move as there would be an extra transfer including an extra $1.50 fare, which adds 3-7 mins of travel time, so they’re waiting for better fare integration or York U (or the TTC) making a deal to cover the extra fare for their students, but neither have been confirmed.
Even if GO doesn’t move out yet, it will still be a great quality of life change for the area as the number of buses will be more than halved, except for the extra walk required to get to TTC buses.