Hy bro.
My profile is just like you. I got 88% in 12th,and 7.5 in ielts with no less than 7. I researched a lot on this topic but couldn't find any affordable university. Even the worst of them had high fees. Although there are some which have low fees than colleges,but then their reputation is also extremely lower. Moreover they are in strange places.
So I don't think that it's a bad idea to go to a good college for a bachelor's degree that too in toronto. Colleges have become much great overtime. My program in seneca is CPA canada and ACCA accredited with a co-op in the last 2 sems. So this is something you'll never get in university at such a affordable rate. Also,the chances of getting employment after co-op are good. Further,all these colleges have great employment percentage (see kpi reports). Going into these colleges also gives you a chance to live in one of the most dynamic cities of the world,a experience no student would wanna miss. It's certainly better than going into cheap universities in strange cities.
And let's say that you don't get PR due to xyz reasons,but still you will get 3 years pgwp. You'll earn somewhat in that time. After that,you can again apply for masters in a good uni. Let's say a 2 years master in a good university would cost 80k. In these 3 years,you can earn 40-60k or even more. Rest u can take from ur family. So after having 3 years job experience,a bachelor and a master degree from Canada itself would be enough for PR.
Still these are just my thoughts. If you or anyone else know/think something else,please let me know.