Alloa was first settled in 1880, mainly by immigrants from Scottish and Irish descent. The hamlet prioritized the agriculture of grain. There were plans announced in 2013, for the development of Alloa into a high-tech urban community, which would include a technological and salubrious based business park and industry district. It would also comprise a new GO rail Station. However, progress has currently stalled on the project as the town is managing developments in other areas to control population growth. Development on the Brampton side began in the mid-2010s, with a retail plaza being opened in 2021/22 at the corner of Mayfield and Creditview.