It is SIMILAR to Track 1 at U of T, but not exactly the same in the sense that U of T (I believe, as I also applied there, with no intention of going anywhere but Mac, last year) allows first year students to pick their stream right from Day 1 if they would like, or go Track 1 if they would prefer... Not every first year is doing the same thing at U of T, and consequently, not everyone goes into their program knowing the bare bones of everything engineering.
At Mac (I'm in first year right now), we are all doing the exact same classes, with the exception of 1 or 2 electives, and at the end of year 1, we will all be just a bit further ahead of where we were at the end of high school, but it will be a SOLID, FIRM ground for learning the rest of engineering from there, in any one of your respected courses.
For example: You may end up in civil at Mac, and your first year chemistry meant nothing to you, but you gained two things from it: The strength to live through it and study something you aren't super fond of, and the opportunity to meet more people simply because every one of the other 900-1000 first years are all doing the same thing... Not only 50, 60, 70% (I don't know how many do Track 1) .
If you want, give the engineering office a call at Mac too... They book tours around the engineering side of campus (Even as a first year, I give them every once in a while
Volunteer basis kind of thing) and can answer more questions too... But feel free to ask on here too... I did