Yes, yes, and yes! Listen to this guy. Things like this, ESPECIALLY done in your free time and of your own free will, are a huge selling point for you as an applicant to an architecture school like Ryerson's, should this be the academic path you wish to take.This model is spectacular, steveve, and If you are pursuing architecture school this model will surely be your selling point.
Being a graduate from Architecture at Ryerson, I can tell you they will love this. If it is what you want to pursue, make sure you take professional quality photographs with a proper background. Perhaps borrow/rent a decent camera for that. I also suggest you familiarize yourself with Photoshop, Indesign & Illustrator to compliment your model making skills. For instance, a page showing a timeline of your model prrogression over the years would be very strong for your portfolio.