I'm also curious to know what people think of this. To me it seems likely.
With regards to grad applicants, their website says "a minimum GPA of 3.7 is considered competitive for graduate applicants" as opposed to 3.8 which is listed for undergraduate applicants. Given that most people seem to agree (and confirmed by the stats posted by UofT) that 3.9+ is actually what might be considered competitive for undergraduates, I would suspect that 3.8 would be closer to what is actually competitive.
In the past I recall that the