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This is accurate.

Source: Canadian working in FAANG in Canada

Thanks for the corroboration. While replying to you, let me clarify my previous comment:

>those non-Canadians who cannot (and often will never get) a US visa

Don't forget about all the people waiting for their L-1.

(I've been in that boat myself, and every single person I worked with in the office in Canada is in US today.)

Not sure about Toronto, but from my anecdotal observation, people come to Vancouver because it's awesome, not because they couldn't get into the US. At least, I've never heard a single coworker say anything along the lines of "I wanted to work in [anywhere in US], but couldn't, so I came to Vancouver".