Disagree. This is entirely doable if you're fine not working your 1L summer and take classes instead, and you overload with term papers instead of courses.
OP I'm also a McGill grad working in Ontario. Here is my take.
McGill places roughly 50 percent of Toronto OCI applicants into jobs. Most of these jobs are the bigger national firms, since fewer firms come to OCI at McGill than Osgoode. A 3.1 and above will be sufficient for some interviews and a job, assuming you interview well.
Osgoode likely places more people who want to work in organized recruitment type firms in Toronto than McGill. This is usually caused by there being fewer OCI opportunities at McGill in general.
But important to note here is that a tremendous number of mcgillians secure articles through the various 2L recruits (NY, Toronto, Vancouver, Montreal, Ottawa, Clerkships, etc). So few end up applying to the articling recruit. And yes, this means people who would've preferred being in Toronto go elsewhere. I attribute this to a cause of students seeing classmates with their futures "set" and forgoing location for certainty. Furthermore, anecdotally, mcgillians seem to come from more corners of the country and abroad compared to Osgoode, who tends to have a heavy Toronto presence in its cohort.
Debt is a very real thing. On the aggregate I think mcgillians who want Toronto jobs can get them as easily as Osgoodites. But we pay less tuition, rent, live in a more fun student city, and have access to cooler jobs abroad because McGill is much more internationally known than Osgoode.