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At my undergrad school, yes. IT's pretty much a big deal, and every hotel in town is booked for the weekend. It's almost always followed by the Royal Military College's Homecoming (they call it something else, but I don't remember what it is). There are pub events that cater to various decades, and the nice cafeteria is always closed down for alumni dinners. At U of Toronto, however, homecoming is pretty quiet. I think the football team has only won one game since 2000 or something like that.
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