I'm hoping Victoria turns into an active startup scene soon. I want to move west for proximity to Seattle/SF but Vancouver's cost of living was a big turn off. $2k/m in Toronto goes a very long way compared to most big cities (thank you liberal municipal building policy!) where I'm not sure it's worth the trade off.
Not having to deal with months of winter (I don't mind BC's rain) and a 1-2hr ferry to Seattle/Vancouver does sound alluring though.