Well yes and no. The best law schools cost over well over 10k Canadian, and will soon climb over 20k. This is cheap in the U.S (even 20k Canadian is like 15-16k). Note that Canadians are on average slightly poorer then Americans.
Most importantly-it is substantially more difficult to get into Canadian law schools because there are only around 15 in the entire country.
Almost all Canadian Universities (and all the good ones) are public. I go to Queen's, one of the best in Ontario, if not the country, and it costs 5k/yr for a B.A program. In general there is less difference between good and bad schools in Canada-not that there isn't a hierarchy of schools, but even the worst universities in Canada would be middle ranked American schools. OTOH the best U.S schools are better then any of the best Canadian schools, though how much better and how to compare them is open to debate.
The law schools in Canada offer a generally uniform education, there are differences in quality, but not at all like the U.S, with little emphasis on formal ranking (though there is a hierarchy of quality, and a growing divide between the best funded and less well funded schools). Once again the best U.S law schools are better then the best Canadian ones, but the good Canadian law schools are good. Certainly the University of Toronto, the best in the country is comparable to good public American law schools.
Regarding the exam-because of rolling admissions the problem is many spots would be full. But, if your score is good you could still get in.