For my first year I was living in Mississauga, which is the next city across from Toronto. Its cheaper there and its also very close to Toronto. You can just get on the Special GO Trains which run every 20/30mins directly into Toronto.
The Move for me was a lot easier as my girlfriend lives here, So i had everything on a plate for me when I arrived, didn't have to worry about a place to stay. However I have talked to loads of people who just stay in hostels for the first few weeks until they have a job and a place to rent. Theres lot of Great hostels which you can meet lots of people in who are in the same situation as you.
Job searching was not that bad, theres loads of Job agencies here so go to and apply for as many as possible and they will do most of the searching for you. I currently live in Toronto and commute to work in Mississauga everyday.
From just moving into Toronto its an amazing place, so many things to see and do!
Cost of food and living is the same as living in any City I think, Its very much like London.