No you did not. Let me explain. You picked out all the points that validate your argument and ignored the ones that did not. This is what I call selective understanding.
What I also said, in case you decided to ignore facts I mentioned that were just as important as the ones you pointed out, is that U of T is much different from other schools for reasons that make it much more attractive to internationals and consequently making it competitive for entrance.
Initially, U of T has a high international profile. It is undoubtably an internationally reputable school from which an earned degree is treated as equally as a degree earned from the US. Also, it is located in one of the most multicultural cities in the world, proving that many internationals do find Toronto an attractive city.
Secondly, unlike the schools in the US, tuition at U of T is much more economical and so is the life in Toronto.
Thirdly, unlike McGill, Toronto is located in an English speaking province, and is more attractive to those who hope to work in English speaking countries, perhaps making it more appealing than McGill University.
By no means am I trying to prove that U of T is the best school, because believe me, it is NOT. However I am saying that it captivates international students for all the reasons I mentioned above. Dont forget, University of Toronto is Canada's largest university. What does this prove? Well it proves that U of T does in fact have to pick and choose their students from a large pool of applicants. And even when it does, the limited class sizes in subsequent years will not allow for all first year students to attend, hence the 'weeding out' process must take place. If you were part of the admission committee, what kind of students would you select? If you can logically answer that question, you should understand my point "quite perfectly".