Here's a thought. If the stated goal of a university education at an elite school is to be proficient in a subject at a high level, why don't the elite institutions offer significantly more rigorous programming, loosen admissions criteria somewhat, refocus on academics, and let water seek its own level? This is exactly what high quality Canadian schools have done and, I'd argue (with some bias) the result has been to attract top international talent--both in student and professorial ranks-- away from the old elite.

The university I attended for my undergrad was ranked in the top 10 in the world outside the US at the time in the subject. My professors were largely former Harvard, Princeton, and Oxford professors, and the material we covered in third year was equivalent to what my prof had taught in the Y1 or Y2 PhD series courses at Harvard. The incoming freshman class of over 500 was whittled down to maybe 50 graduating honors students. My tuition bill was $15K for an undergrad, before scholarships, as compared with $40k+/year at the Ivies. Frankly, the Ivies are missing the boat. I have competed against pools of mostly Ivy grads for work in Canada and won positions and promotions over them, so there isn't an Ivy premium in my area of practice.

Provided the influx of talent into top Canadian universities continues unabated, and assuming my son wishes to work in Canada, I will definitely encourage him to study in Canada for at least his undergraduate studies. Many of my Canadian friends have gone on to pursue doctoral and postdoctoral studies at Ivies/Oxbridge. The value for money in technical disciplines is, IMO, unparalleled, and a significant portion of my provincial tax bill is already allocated to subsidizing resident post-secondary enrollment.
What is to give light must endure burning.