If you are looking to work in tech in Canada, Kitchener/Waterloo is the place to be in my opinion. It has:
1. A fast growing Startup community that has a lot of support from both the city and various tech organizations in the region.
2. An excellent pool of talent with UWaterloo(excellent Engineering/CS programs with a focus on entrepreneurship), Laurier(Well respected business program), and Conestoga College (Well respected Graphic Design Program)
3. Getting more recognition for the companies it has been producing in recent years with a couple high profile companies taking off (Thalmic Labs, BufferBox, Kik) and PG saying the region has produced some great companies (http://www.techvibes.com/blog/paul-graham-y-combinator-water...).
The cost of living in the city seems on par with a lot of the medium sized cities in Canada and as a student I know you can definitely live off of a pretty small budget. I think the benefits of working in region make it the place to be and can definitely be done for pretty cheap.
Population of almost 400,000. A University with an excellent business school (entrepreneurs!). Unemployment is somewhat high currently in London (~10%), but if you're a skilled developer, you won't be without opportunities.
There is a small, but fast-growing startup community as well, supported by the city, educational institutions, and a great new co-working space.
It is so cold in the winter that working seems like a really good deal during those months ;)
While it is not necessary to find tech work, speaking some French can be very helpful. Also be prepared for cold ;)
Here are a number of vibrant communities in the city:
- Montreal Tech Watch: http://montrealtechwatch.com/
- MTL New Tech: http://mtlnewtech.tumblr.com/
- Notman House: http://notman.org/en/
- Montreal.rb: http://www.montrealrb.com/
- Montreal Ruby Hacknight: https://groups.google.com/forum/#!forum/montreal-ruby-hackni...
- Montreal Python: http://montrealpython.org/
- js-montreal: http://js-montreal.org/
- Google Montreal Tech Series: http://www.meetup.com/googleMTL/
- Foulab: http://foulab.org/en/wiki/Index_Page
- Devops MTL: http://www.devopsmtl.com/