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Is it better to immigrate to Melbourne or Waterloo?

Quebec, not Melbourne.

Besides, Quebec is the name of a province and a city. Quebec is a French-speaking province, the largest city is Montreal, and Montreal is also the second largest city in Canada. Quebec City is the capital of Quebec Province, but it is a small city and a tourist city.

Waterloo is a city and a small city in Ontario. 0/hour drive from Toronto/Kloc, Canada's largest city (if there is no traffic jam). Ontario is an English-speaking province and the first economically developed province in Canada.

Back to your question. Not good, but what suits you better. If you can speak French, Montreal is a good choice: a big city with developed culture. If you speak English: Waterloo is more suitable, you can go to Toronto for development in the future, and there is more room.