The Canadian gov has been tightening immigration requirements, OP, so I would need to know more about your background.
Living: If you are a local Hker, then yes, the pace of life may be slower than in Hong Kong. But that's not necessarily a bad thing. All these Hkers I see everyday stressed out and miserable on the MTR, why not have a change of pace where you actually have time to enjoy living?
Taxes: Yup, compared to HK, they are WAY higher. But then, those taxes are put to used to provide a welfare system which contributes to Canada's relatively high quality of life. It always strike me as ironic that those local Hkers who complain the most about HK turning into a "welfare state" also happen to hold a Canadian passport. So they would get to enjoy all the benefits of Canada's welfare if they go back, but is attacking HK? They should all give up their Canadian passports then.
Weather: Most certainly MUCH colder than Hong Kong, but again, this depends on where in Canada you live. I grew up in Winnipeg, the capital of Manitoba smack in the middle of the country. It's six months of freezing cold and snow (-30 degrees or more is not unusal in January) and 3 months of giant mosquitos attacking you during the summer. But there are nicer climates like those in Vancouver and Victoria in B.C, with mild winters with only the occasional snowfall (a bit like a British winter I suppose) but with constant rain and no sun for half the year. Toronto is somewhere between the two, it's winters are cold yes, but usually not to the arctic-like cold you get in Winnipeg or Edmonton.
Real-Estate: Housing prices in Toronto and Vancouver are the most expensive in Canada. Calgary is also expensive, because of the oil boom.
Friendlier People: Don't mean to stereotype ourselves, but in general, Canadians are a friendlier and more laid-back lot compared to the assholes below the 49th parallel . We don't make so many enemies in any case.