Let's note that there's a Gauss-type decomposition of GL(n,\mathbb{R}) matrices as
\mathcal{M} = U D \mathcal{O},
where U is upper-triangular (with 1s on the diagonal), D is diagonal (with \det{D}>0) and \mathcal{O} is orthogonal (in O(n)). I claim that
M = \begin{pmatrix} 1 & \sqrt{2} x \\ 0 & 1 \end{pmatrix} \begin{pmatrix} r y & 0\\ 0 & r/y \end{pmatrix},
is the general element of the coset GL(2,\mathbb{R})/O(2) provided that r,y>0.
We can place the usual left-invariant metric on GL(2,\mathbb{R}), which will induce the metric
ds^2 = \frac{1}{2} \text{Tr} \left[ (M^{-1} dM) (M^{-1} dM) ^T\right],
= \left( \frac{dr}{r}\right)^2 + \frac{1}{y^2} \left( dx^2 + dy^2 \right)
on the coset. The space is therefore GL(2,\mathbb{R})/O(2) = H \times \mathbb{R}^+. Note that this is consistent with H = SL(2,\mathbb{R})/SO(2) and \mathbb{R}^+ = \mathbb{R}/\{ 1,-1\}.