What's your situation? Are you immigrating via sponsorship, or as a worker (ie; applications are in process, and far enough along to have a work permit), visiting, or coming other by other means (refugee, etc)? Sounds like you're just visiting? If that's the case..
There are very few jobs that don't require a work permit (which is why i ask), which is nigh impossible to secure unless you have a job offer, and your employer can prove you can do a job no other Canadian can do.. or if you've applied for a Skilled Worker visa. Even students are no entitled to work without one.
So if you're just coming on a visitor visa, don't be fooled into thinking you'll be able to find work. Likewise, working illegally without a permit will jeopardize your chance of ever being allowed into the country again if caught.
As for your price range. You can easily rent in the city for around $900.00 inclusive in a nice apartment, near the subway. This will generally net you a one bedroom and around 550sqft, give, or take. Some neighborhoods are a bit cheaper, and many can be more expensive. It's simply about looking around for a deal, and not rushing into an apartment. I guess the important question is, when are you coming over, and will you have time to browse some apartments? Most places will require a year lease (and 60 days notice to move out after the lease), so be aware of this. You might be able to rent a basement apartment, month to month, and for cheap if you're in a pinch while you browse for a better place.
Always interested in people moving here. I don't mean to scare you about the working bit, but I had to go without working for a while too while I waited on my immigration paperwork!
Good luck!