I'd say Waterloo, getting office rentals are cheaper and overall living costs are cheaper in Waterloo. You also get access to UW and Velocity (shout-out to Jay

I'd say Waterloo, getting office rentals are cheaper and overall living costs are cheaper in Waterloo. You also get access to UW and Velocity (shout-out to Jay Shah!). Toronto has MARS and DMZ and 111 Richmond are a few places to start off. I'd rather take Waterloo over that any day. The real-estate in Toronto is just insane. Neither Toronto nor Waterloo has the VC's of Sand Hill Road, so if you're on the fund raising track, Waterloo being an hour away makes no difference. So yea, I'd still opt for Waterloo, just my opinion, others will likely disagree.