I'm a UofT student, and it's the same here. There's nothing particularly bothersome about having a lot of students from Korea and China. There's not even really much to get used to. Yeah, there are asians. So what?
The parents in the article claim that the asian students beat them out, but honestly, it was really easy to get into this university. I had terrible grades in my first two years of high school, and for the most part I was rejected by (good) US colleges (probably also because I didn't have my green card). I was even forced to apply later than students in Canada, because I did not go to an Ontario high school and had to fill in a different form with a later submission date. All these things would seem to be disadvantages, and I didn't figure on getting accepted at all. And yet I got into UofT (and Waterloo). It's remarkably easy to get into a university like this -- possibly because you're only allowed to apply to three Ontario universities -- and I don't buy the parents' arguments at all. More likely their kids got terrible grades, and that's nobody else's fault.
Honestly I can't believe we're even having this discussion. The last time I heard about fears of Chinese immigration was in history class.