I'm an east ender and no, no typo, $680 for a two bed room (hydro's about $150/2 months in the winter). Haters. I think the one below me is opening up so I'll check in with my landlord. That is pretty exceptional but don't discount a two bedroom if you have the $. The pricepoint can often be lower than a one as that's the market that condo-ites are moving out from. And negotiate. As Cavernmech mentioned it's a bit of a buyers market, depending on location, so at a minimum you should be able to swing a month's free rent or some other consideration. University-ville or really trendy areas are often exceptions.

I'm in South Riverdale at Jones and Dundas more or less. Easy access to transit on Queen or Gerrard (--> College), easy access to little Chinatown and Little India and the beaches. Not as much of a hip buzz as further west, but I like the mix here a little better. Not as many people wearing black. I can also go in and harass eyefloater at Cycletherapy at my leisure, as it's just down the street.