Nope. Not one bit.
While school reputation is important, it's definitely not the whole story. Many things should factor into your decision - proposed supervisor, faculty research, school resources, community, funding, etc. If you're pursuing graduate study simply for the title - which it sounds like you are (no offense) - then I think you're in it for the wrong reasons. Besides, there are still many fine schools within Canada that will provide you with an excellent education (Toronto and UBC come to mind).
Personally, while I would have liked to apply to more schools, my financial situation simply did not allow it. Assuming 10 apps costs around $1,000, that is a serious chunk of money for someone already swimming in debt. I have my fingers crossed for at least 1/3!