LTE in Toronto is usually 20Mbps down at least. I see 40-50 down and 30+ up pretty often. How much signal strength when you had those speed tests? Also are you sure the modem was connected to LTE? You need an LTE specific APN and SIM card to access LTE.
The SIM itself is pretty key. LTE capable SIM's will actually say "LTE" right on them. If you don't have this the right APN and right hardware still won't work.
Maybe that's the problem...I'm not sure if they bothered to send a new SIM when they sent this unit, I couldn't find one on the box, I'll go look again though. -- If you can't explain it simply, you don't understand it well enough. - Albert Einstein