No a lot of us are either staying here and working remotely for companies stateside or we are moving to the states altogether. This is especially true of Waterloo. Most of the Waterloo devs I know, and they are really good mind you, are either in Seattle or Bay Area working for one of the Big 4. To stay competitive, Toronto will have to reel these individuals in and I don't believe there's sufficient incentive to accomplish that right now. See this[1] for instance.
[1] https://www.reddit.com/r/cscareerquestions/comments/2d7818/w...