To add some numbers to the argument:
Bloor corridor (St Clair South to Lakeshore)
*Population: 780,000
*Density: 5800 ppkm
*Car commute: 43%
*Transit: 39%
*Walk/bike: 17%
Eglinton corridor (St Clair to Lawrence)
*Population: 596,000
*Density: 4100 ppkm
*Car commute: 58%
*Transit: 36%
*Walk/bike: 5%
North (Lawrence to Steeles)
*Population: 1,087,000
*Density: 3259 ppkm
*Car commute: 65%
*Transit: 30%
*Walk/bike: 4%
The Eglinton corridor has fewer people and is less dense than the Bloor one, but neither figure is dramatically lower. I'm not sure what multipliers transit planners use to get ridership projections, but the Eglinton estimates do seem a bit low.
The one big thing the above numbers don't take into account are employment figures. I only have those numbers by ward, but here are some rough figures:
Bloor corridor (~Dupont to Lakeshore)
*Jobs: 608,000
*Area: 150 km2
*Job density: 4052 j/km
*Wards : 5, 13, 14, 18, 19, 20, 27, 28, 29, 30, 31, 32, 35, 36 (14 total)
Eglinton (~Dupont to 401)
*Jobs: 258,000
*Area: 186 km2
*Job density: 1386 j/km
*Wards: 3, 4, 11, 12, 15, 16, 17, 21, 22, 25, 26, 34, 35, 36, 37, 38 (16 total)
North (Above the 401)
*Jobs: 255,000
*Area: 148 km
*Job density: 1723 j/km
*Wards 1, 2, 7, 8, 9, 10, 23, 24, 39, 40, 41, 42 (12 total)
That the Bloor corridor has more than twice as many workers and about thrice the density of workers as Eglinton may be the biggest factor in why the ridership projections are so different.