I would say that the variability of education quality between Canadian schools isn't that high, but the number of universities isn't great either. Waterloo does try to be more experimental with their curriculum than many other schools, but the real secret is in the co-op/internship program. All Waterloo engineering & (many) computer science students start doing internships in first year and complete 6x 4-month internships before they graduate. This means that you get significant experience before you're cast off on your own, and a chance to test the working conditions at a variety of companies, roles and locations. Graduates are better prepared to hit the ground running once they get their diploma. For hiring companies, they get a low risk 4 month interview. Waterloo also has interns available all year long (not just in the summer months), so they can spread out the minor burden of training an intern. I haven't seen a similar model anywhere else and Waterloo has been doing it for decades.