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Which is the better place to start a tech startup in Ontario: Toronto or Waterloo? Why?

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I co-founded a startup that is based in both Waterloo region (downtown Kitchener at Communitech) and in Toronto.

Waterloo region is better for an early startup:
- cheaper
- engineering talent pool
- far easier to connect with people and get support (ie people more more helpful and open)
- tech is the big industry in town

Where Toronto excels:
- need to raise money (more Canadians with money live here, VCs...)
- partnerships: Canadian head offices are normally in Toronto
- connecting with prominent people beyond tech
- have a bit of traction and need to grow (more of everything available if show a little success)
- pool of creative people beyond engineers (marketing...)
- Toronto is more interesting, this attracts people even though it costs
 more,  Kitchener-Waterloo  remains a nice  glorified suburb where you 
must have a car to have much of a life (light rail and other pending 
projects are changing this slowly)

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