I agree with the above (besides basement apartments, try to avoid those if possible).
I'm paying $950 for a 1 bedroom around the west end of the Danforth, and I can honestly say I wouldn't want to see what apartments are like for any less money. I'm trying to save to purchase a house/condo in the future, so I have to take the good with the bad, but there are quite a few assholes in my building (and the building next to us especially). I had to sign that I wouldn't have pets or smoke in the apartment and it seems that I'm the only person in the building abiding by this (and apparently landlords don't have a lot of leverage to evict people for this).
Also (and others may disagree with me), you will get a better apartment for cheaper if you aren't on the subway line. Depending how you plan to get around this may not be a big deal, but personally I can't deal with buses/streetcars so being walking distance to a subway station was important for me.
This "Toronto Rent Heatmap" (xpost from
www.reddit.com/r/toronto) gives you a general idea of prices I think:
http://rentheatmap.com/toronto.html