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Honestly the transit in Toronto is amazing. You can rent a place anywhere and still be able to get where you're going. Just keep in mind that for your price range you can easily find something in the outskirts or even Scarborough (East) or Mississauga (West) but it'll take you about an hour to...

I haven't rented in Toronto in a while but I used to rent a room in Etobicoke for $475/month. I'd say give or take $150, that's what you're looking at. Craiglist is free and is by far the best place to look. You can also check out viewit.ca as another good place to look. There are filters on...