More evidence for Waterloo's "specialness" can be found here:

https://en.wikipedia.org/wiki/William_Lowell_Putnam_Mathemat...

Its teams have finished among the top five 18 times since 1968, twice as many times as Stanford (though far fewer times than MIT, Princeton, or Harvard). This with a budget that's dwarfed by the schools who dominate the competition (and can afford expensive international recruitment). Waterloo had its heyday, interestingly enough, around the time that RIM was founded: beginning in 1978 it placed in the top five eleven of the following sixteen years.