I've been living in Toronto for the past 2 years. (my husband and I are on work permits. I came as a student then switched to a worker after school and he had an open work permit through me). The IT jobs are here yes. I don't want to be the bearer of bad news, BUT!!!! You really need to network very well to get into a good-paying IT Job. So whether you have friends here already working in the field, you go on LinkedIn and try to reach out to people at IT companies and connect with them, join some IT volunteer organizations, or join IT communities. Otherwise, it will be hard to get a job as you get here, especially if you don't have Canadian work experience. Some people it can take an entire year or more to find a good paying IT job. Some are lucky and find a job within a few months. My husband had a network here when we landed so he walked into a job and then with that Canadian experience, found an even better job at a major Bank.
Food costs have soared, and don't seem to be going down anytime soon. But I suspect that issue is a global issue, not necessarily an Ontario issue.
Rent-wise, if you want somewhere that isn't a mold-infested basement with zero natural light, you may be looking at around $2000 a month for rent (maybe utilities such as heat and water might be included if you're lucky). The housing market is really bad right now, so if you're looking to purchase, a 1 bedroom apartment could cost anywhere between $900,000 CAD to $1,000,000 CAD. To find more affordable housing, people opt to either rent or purchase in cities outside of Toronto such as Scarborough, Ajax, Pickering, Whitby, Oshawa, Brampton, Hamilton, Etobicoke, and Newmarket. But because so many people have been rushing to these other places, of course, the prices have now started to increase in these other cities as well, so they are almost rivaling Toronto, but is still a bit cheaper.
The weather, winters in the Toronto/GTA tend to be milder and "warmer" than further up northern Toronto. But it still gets pretty cold, especially in January/February ( ranges between -10C and -30C), with a decent amount of snow.
The benefits of being here are definitely that people are generally nice and polite and helpful, the air is so clean and nice, generally quite safe, nice place to raise a family, and enjoying the perks of the free healthcare, the diversity (especially in Toronto) is great, and lots of fun things to do in each season.
Basically, don't come here with the expectation that just because you are skilled, you are definitely going to find your dream job within 3 months of landing here or things will slip into place. It WILL be a struggle in the first year. But if you come with these expectations and just work hard and have a plan, things will work out. And in the second year, things start to get better. There has been an increasingly negative sentiment here towards us immigrants within the past year, and even worse now with the whole Canada vs India debacle, the tension between Israel/Palestine/Gaza region, and also with the housing crisis occurring now. So just keep that in mind and make sure to network and find other immigrants to bind with and stick together, whether they are from your home country or not. It's rough, but it will be okay. There are some pretty nice Canadian citizens here who will always be willing to help, but there are also others who have a sense of "fake niceness" here and those people will stab you in your back with a smile on their face.