I know about the Morningside area in Toronto. It isn't as cheap as you think it is. Living in the suburbs away from the Downtown core means you are far from the subway system. If you don't need to go downtown too often, you're fine, otherwise half your journey will be by bus to the nearest subway station. Yes, you can get everything you need in your neighbourhood, but it may not be inexpensive. Factor in at least $1000 a month to cover your rent, grocery expenses, phone bill, transport and other living costs. That is all bare minimum, depending on what you buy and use and where you buy things from. It comes up to $12,000 a year. So double it, if your program is a 2-year program.
Many applicants think they can make up the difference by earning from part-time jobs. It is possible, but as a prospective student, show the visa officer that you have more than the sufficient funds available right now, not in the future. Attach all the financial documents and explain where the money came from. Consolidate all your finances in a document, attested by a Chartered Accountant who you know and trust. Explain each source to prevent misunderstanding. If you don't explain or provide sources, the VO will obviously question if the money actually exists, or if you will spend it at all.