Hopefully, you will make a contact or get lucky. It happens. However, I graduated at the top of my class in June last year from Ryerson. Myself and many others did not get work through HFO. It has not improved, and about 40 percent of the June 2010 classes are either underemployed or still unemployed. The reality is, you take whatever you get in nursing, and also be prepared to relocate. Three of us moved to Alberta. There are waaay too many applicants in TO and few jobs. But, you will find work somewhere, I'm sure.
On a positive note, in Alberta, there are a few more opportunities for new grads, although the same situation is clear across Canada and the US. I am making considerably more than I would have anywhere in Ontario in AB. The starting wage was higher and I get night shift differential. I also did not want HFO, since even if you get hired on, there are no guarantees they are keeping you. Who needs that? I am in a regular RN line, and the work is hard, but I am learning a lot and enjoying it. I also was later offered a position in TO, but only because I knew someone. Sick Kids hires, but last year, the only people who got in were those who knew the managers.
I don't mean to upset you, but this is the reality. Just read some of the threads around here. Anyway, good luck
Something will come up, but it may not be your first or second choice.