I completed my undergrad in Electrical Engineering from University of Windsor (not so reputed but recognized) in 2010. I secured my full-time job in a crown corporation - Ontario Govt. owned (the one I'm doing now) during my final year of study.
Now breaking down to your multiple queries, most universities in Canada are accredited. Especially, the big names you mentioned are undoubtedly.
For engineering, the following would be best in Southern Ontario:
Top
Waterloo University
University of Toronto
McMaster University
Middle
Queen's University
Carleton University
Ryerson University
University of Ottawa
Bottom
University of Windsor
University of Western Ontario
I've ranked them from my personal experience based on job acceptance and education qualities. If you're a follower of Maclean's ranking, my list would somewhat match with them as well.
Here are some links for follow-up:
List of Canadian Universities: http://en.wikipedia.org/wiki/Rankings_of_universities_in_Canada
Maclean's 2013 Ranking: http://www2.macleans.ca/2012/11/01/the-2013-macleans-university-rankings/
2012 Engineering Ranking: http://en.wikipedia.org/wiki/Rankings_of_universities_in_Canada
If you follow Maclean's, you would find 3 different categories – Medical/Doctoral, Comprehensive & Undergrad. The first category would be best if you're interested in post-grad studies in future. The rest would give you solid info for undergrad engineering.
You also asked about living cost and big city VS smaller city situated universities. Out of all cities in Ontario, GTA/Toronto is the largest and it has Uni of Toronto, York Uni and Ryerson Uni. Living in Toronto would be much more expensive than any other city in Ontario. On contrary, London (Western Ontario), Ottawa (Uni of Ottawa and Carleton Uni) and Windsor (Uni of Windsor) can be regarded as mid-size cities. Kingston (Queen's), Hamilton (McMaster Uni) and Waterloo/Kitchener (Uni of Waterloo & Wilfrid Laurier) are kind of smaller in size. But the latter two are close to GTA (an hour drive). GTA would give you some advantages in off-campus survival jobs, big city life and more diverse community. But if you stick to engineering, you won't have much time to enjoy these.
Here, Asians refer to Chinese and so on. UofT and Waterloo are full of them. Other universities would have plenty as well since most immigrants tend to live in Ontario.
Lastly, if you will look for jobs after bachelors, the most important thing that you should look for is to get into
CO-OP PROGRAM. Through co-op, you can work in engineering companies in your off-term with solid pay which will eventually get you a job after graduation. This is even more significant than which university you passed from and what was your CGPA (at least has to be over-average). Waterloo has the best co-op program in engineering, Windsor and Carleton are not so behind either. But bigger universities tend to lag behind in career building.
Specialized in Engineering (to my best knowledge)
Waterloo (Computer Science, Computer Eng & Electrical Eng)
Carleton (Any Eng, specially Electrical Eng)
McMaster (Mechanical Eng, other Eng)
Windsor (Automobile Eng)
Queen's & Ottawa (All Eng)
Toronto (Good for any subject) - Similar would be McGill (Montreal) and UBC (Vancouver)
If you're an International Student, you should look more into the engineering tuition than the living cost.
University Base Tuition/semester (apprx)
Uni of Toronto $16,000
Uni of Waterloo $14,000
McMaster Uni $14,000
Uni of Ottawa $11,500
Uni of Western Ontario $11,500
Carleton Uni $11,000
Ryerson Uni $11,000
Uni of Windsor $10,000
Add another $1000-$2500/term depending for ancillary fees, health plan etc. Then comes
Cost of Living.
Note: Tuition fees increase almost by 10% each year. Moreover, you should also think about inflation rate over the next couple years that you will be studying.
I don't know if I'm forgetting something. It has been a long post and I hope you find it helpful. If you require any specific detail, let me know.
