http://www.theglobeandmail.com/technology/kitchener-waterloo...
http://www.theglobeandmail.com/technology/kitchener-waterloo...
https://www.google.com/maps/dir/University+of+Waterloo,+200+...
For a Canadian, Waterloo might be ok.
For most Americans, it would be like moving to Alaska.
I tried to hire into Waterloo, and for Americans, Canada in general is a really tough sell.
We brought in some Americans, most of them kept their homes in wherever.
We hired a bunch and let them live wherever, they flew in every few weeks.
It was far less than ideal.
That said, it might be better than many places in the US - but this is where California has such a massive advantage.
In any case I also wouldn't describe Berkeley-SF as a "stone's throw" either...
Which is actually a great example - many a person has moved out of SF for Berkeley, because "I'll be around all the time, it's not that far" - only to be rarely seen again.
The "work/live in Loo, hang out in TO" thing is mostly theoretical, though I'm sure you can find a few people who actually do it.