IAoD turns me off becuase they seem like a commercial college. They've got all sorts of ads everywhere and it just seems like... why are they pushing so hard? I don't know a lot about the kind of accreditation you get but George Brown just seems more legit to me.
All the schools have industry contacts, most of the teachers are from the industry, but getting contacts is really your responsibility, even if the school offers some kinds of partenrships with certain companies.
CSM is an art school, whereas the schools we are talking about are much more industry related. CSM people learn how to draw, talk art theory, and specialize in the more ephemeral aspects of design but unlike the canadian schools they don't learn how to make their garments from scratch, they don't do industry research. Fashion is treated more like a business than an art here. There's fashion illustration courses at Ontario College of Art and Design which would be a little more arty I guess. But they do want you to know what you're doing. You'll never regret acquiring a new skill; it makes you a better designer.
The best thing would be to talk to people who went to the schools you're interested in. Any IAoD alumni around? The fact that I have gone to Ryerson for 4 years and still like the school says enough about what I think of the Toronto schools. No program will please everyone though... I believe that you get out of it what you put in.
Don't dismiss Montreal either. Montreal actually has a bigger industry base than Toronto does, though they have a smaller market. Parasuco, Le Chateau, Las Senza and other major companies operate out of there. La Salle college I've heard is pretty good. Le Chateau hires tons of Ryerson people though. Ryerson is connected with quite a few of the major companies; Sears, the Bay, etc. Montreal is cheaper and more fun too.
Only a few percent of those students who enter first year finish and of those grads only a few will get the plum industry jobs. You really have to be passionate, and work really hard. People think fashion is easy, but you will literally be working your finger to the bone and losing your social life if you want to make your dreams happen. Don't expect a lot of dollars though, starting salaries in the industry are $30 000. That's not a lot considering the cost of living in Toronto.
People like me who are launching their own ventures can expect to live off their losses for a few years. Less than 90% of startups work. I also do freelance work, technical design and illustration, which means I am constantly looking for work and don't have any sort of safety net - feast or famine. You just try to do the best you can. In the creative courses at school there are two kinds of people... those who do it and those who don't. Just do it and don't give up.