With last year marking Canada's most dramatic population growth rate since 1957, residents are feeling the textbook demand shock that economists warned us about, not just in regards to housing and goods, but also infrastructure.

This may be the most noticeable in smaller towns and cities, but with Toronto on track to be home to 3.5 million people by 2030, leadership is looking at how it can make the necessary upgrades to the city's framework to handle the flurry of new citizens and homes.

One major concern as of late is our growing demand for electricity, which is expected to double by 2050 after staying pretty consistent for the last few decades.

With this in mind, the Province and City announced on Thursday that they're working on a new action plan for how to meet the metropolis's ever-expanding hydro needs.

This could include a whole new transmission line into the downtown core, upgrades to the current two, new local generation and storage options, additional energy efficiency programs and a greater reliance on nuclear and solar energy.

"Toronto is growing, and so is its demand for electricity. Our city’s current infrastructure needs to grow to keep pace," the head of the Independent Electricity System Operator (IESO), the Crown corporation tasked with operating the hydro market, said in a release.

They added that the city will need a "variety" of solutions that could take more than a decade to develop and put into effect as shift away from the use of natural gas to heat and power hundreds of thousands of new homes, multiple new transit lines, new businesses and more.

Ahead of the draft plan, the IESO will be hosting consultations throughout this year to both get residents' input and educate the public on the city's needs and options moving forward.