I just want to give my POV on all of this as I have lived in both Vancouver, Toronto, and now in Mountain View.
Everything pointed out in the comments about low pay, and high cost of living in Vancouver is true. However, let's look of it from another angle. If you were a young college grad with options, wouldn't you want to go to sunny California? Not only is it an adventure, there's better night life, better sports teams, the glory of the valley, and on top of that, higher pay. It's really a no brainer for some.
Toronto is definitely a better environment and I can see it blossoming more and more. I know a couple of Founders there and they love it. I would go there myself in the future, except for family ties in the west coast.
Just my 2 cents.