I expect Montreal would be completely ruled out because of the language laws, incidentally. Fine for a branch office, unacceptable for a second HQ.
So, I'm not sure you're right about Toronto being a token candidate. I believe it's the best candidate in Canada.
But, moving to Canada is a big choice. So big you'd really want to consider only the top 1-2 candidates.
I do wonder what kept Vancouver off the list though.