Thanks for your sharing, willisle! I just received an email saying I am waitlisted this year, and I think my chance of getting into oise is barely zero this year lol.
For answering your question, based on my knowledge, I believe different provinces have licenses for registered psychotherapists/counsellors for that specific province only, and I am not sure how these licenses can be interchanged exactly. Here is a link which might be helpful. https://www.ccpa-accp.ca/profession/regulation-across-canada/ For example, if you want to work in Ontario after graduation, I personally think it might be less work for you to go to a graduate school in Ontario.
I went to a psychology seminar at my school last year. I was told that MSc in Couples and Family Therapy at Guelph is the only graduate program in Toronto which offers 150 hours of supervision for free, so upon graduation, you have meet all the requirements for becoming a registered psychotherapist in Ontario. For OISE, as far as I know, they only have direct client hours, and I believe upon graduation, you are eligible to become a counsellor. One of the psychotherapists told me that people generally pay about $100 per hour for clinical supervision. However, one of my class professors told me if students get lucky, and their supervisors from their practicum placement are willing to offer that, then there will be no money out of pocket.
Also money-wised, I think Guelph pays graduate students doing on-campus counselling services as their practicum placement. M.Ed of OISE is totally self-funded. Not sure about University of Victoria.
In addition, it depends on your personal interest. For MA or MSc, I believe they both have an emphasis on research and open a better path for doctoral study whereas M.Ed is more about hands-on experience and career-based. Hope it helps