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I have heard from people in Cambridge that it is quite hard to get in their PhD. This is because of the big number of students admitted in the Master programme and the not so big number of available PhD positions. However, I have also heard that if you do a Master in the UK it is easier to stay in the UK. So if your ultimate goal is to stay in the UK then choose Cambridge. Otherwise, I think Perimeter would be a better option. Both because the number of students is smaller and you get more chances to work with professors and because they offer some financial support.
I know more of PI, as I'm going there this August, so let me add my grain of sand: Both PI and Part III are 1-year programs, but PI guarantees funding. If you want to go to PI, I've heard by a PI Professors that it's usually recommended that you contact a Prof. at PI either before going/right after arriving to begin working ASAP in your research project/essay - the last 3 months that they give you at PI for the essay is not usually enough for a good research project. Also, the PSI program is probably the most common (and "easiest"? in some sense) way to get into a Ph.D. program at PI. As far as weather goes.... well, I guess neither Waterloo nor Cambridge are known for having good weather.