Thanks for everyone here and on Postgis for their help, particularly ThomasG77 for this answer.
The following line did the trick:
ogr2ogr PostalCodes.shp CANmep.shp -sql "select * from CANmep where substr(postalcode,1,3) in ('M1C', 'M1R')"
ogr2ogr comes with GDAL. brew install gdal
will install GDAL on OS X. If you're on another *nix system, the following installs it from source:
$ wget http://download.osgeo.org/gdal/gdal-1.9.2.tar.gz
$ tar xzf gdal-1.9.2.tar.gz
$ cd gdal-1.9.2
$ ./configure
$ make
$ sudo make install