Financial challenges have forced many publicly funded academic institutions in Ontario to adopt a corporate model and to use market tools to compete in the higher education market and maintain their enrolment and revenue levels. This study has analyzed how competition affects publicly funded universities in Ontario. Competition was examined by relating universities' expenditures on price and non-price competitive variables (awards, marketing, graduates, and professors), as well as population to the total number of applicants, total number of enrollees, and capacity filling ratio over the period of 2006-2013. The study used quantitative research design and panel data regression method to draw conclusions. This study provides empirical evidence on how the effect of the adopted competitive variables varies for each university.