9-5 downtown and UVic employment isn't growing enough to crowd up that corridor at rush that quick.
Its not employment that will do it. People have been avoiding driving during peak hours because of the congestion. Those people will switch back to driving (or start driving) during peak hours because of the new capacity. This is why both traffic appears on big new roads and traffic disappears when roads are closed or torn down - people's discretionary trip-making patterns change (which are an ever larger part of travel)