Wow, I'm surprised your tuition at U of T costs so much. I was basing my $5500 estimate on good ol' Maclean's Magazine, which shows U of T at $4775, with McGill and Queens in the same league (although I'm surprised to find that UBC only costs $2375!). I had no idea commerce at U of T costs more.
So far, the award for best Canadian university seems to be between McGill and U of T (the Montreal-Toronto rivalry back again!). In my opinion, these are the pros and cons of each:
PROS: Excellent worldwide reputation (arguably even better than U of T), in the same league as many private US colleges; 20% international students; great city atmosphere; many excellent programs, much cheaper cost of living than Toronto.
CONS: Tons of bureaucracy; major funding problems; not enough residence; course capping and huge class sizes.
U of T:
PROS: Excellent reputation (although not yet as well known as McGill), rolling in the dough (huge endowment); great city atmosphere; lots of resources and variety of classes and programs; guaranteed 1st year residence.
CONS: City atmosphere of Toronto is arguably not up to par with Montreal; Toronto is very expensive, huge class sizes, impersonal.
Of the two next universities "in line", Queen's and UBC, I would say the choice is easy: who can say no to Vancouver?