So yeah, a lot of talent will just go south. Or get lucky like me and go work for Google in Waterloo. The actual Toronto employment market is pretty yuck.
I own a house that is on two bus routes, and it takes me 45 ~ 50 minutes to get downtown (specifically work which is right downtown), and it's not even close to that price.
[That said, I looked into moving to another neighbourhood with worse transit access that was not that far away, and the real estate agent was selling it with a "crap" house for ~$800K with the idea that you would spend money on top of that to tear the existing house down and rebuild another one on top of it.]
Amazon is in a class-A tower right next to the banks and they cannot hire enough.
And ALL the good engineers I know have good jobs in Toronto or Waterloo. But there are plenty of bad ones that wouldn't pass a phone screen.
But seems like the centre of gravity for not-Toronto tech in southern Ontario is Waterloo, unfortunately.