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Being right down town is very pricey indeed.
I used to live in Etobicoke which is about a 20min subway ride from downtown.
It was the second last subway stop going West.
Area was nice and highly recommend it.
True it's not right downtown, but it's cheaper and at least the convience of a 24hr bus (along Bloor St.) route to back home from the bars is available (and of course the subway line, but that stops at like 1:30am or something like that).
Just something to think about.
I've lived right downtown for a coop for 4 months once during the summer. Too many damn distractions if you're going to study I think.
But you might be more disciplined than I was at school 
Just ask if you want some more info. 
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"...End? No, the journey doesn't end here. Death is just another path...one that we all must take.
The grey rain-curtain of this world rolls back, and all change to silver glass...and then you see it...
...white shores...and beyond...the far green country under a swift sunrise."
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