Actually Toronto would not have gone past the 2nd cut or so.

It not only has a high cost of living, and housing, but transit is gridlocked, etc.

And the income tax regime would make high-level recruiting a tough sell.

Executives at American high-tech firms have housing expectation which are simply impossible within a reasonable commuting distance from the GTA.

Yes they will put up with that in California, but Southern Ontario, is not silicon valley. Especially in February.