This myth has been blown up time and time again. There are too many extremely qualified students actually attending CP for this to hold water. The mean GPA for engineering is over 4.0, probably close to 4.2 this year. It can not be that high without highly qualified students actually attending. The engineering SAT mean is over 1400. It cannot be that high without highly qualified students actually attending.
The reason some highly qualified students don’t get in and some students with lesser stats do has everything to do with the MCA, the algorithm used to rank applicants. It has additional non-academic factors that can make HUGE differences.
It also has to do with the fact that a handful of majors (ME, CS, BME, and Biology) are EXTREMELY competitive. There are a few others right on their heels.
The bottom line is this, CP is very competitive. Learn everything you can about the MCA and leverage your application the best you can with the time you have left. Apply ED if CP is your top choice.
Good luck.