You might want to consider renting a room instead of an apartment. Apartments in the downtown core are rather expensive.
You could find rooms to the west of Spadina, from Bloor to the north to the College in the south. Also, area closer to the Dundas area is also a consideration.
校园宿舍 is much more expensive and food is not so good, plus, it is not quiet if the student wants a quiet study circumstance.
Around Down Town 校区, very close it is not cheap and rooms smaller. Go out off a few blocks, such as east , it is OK. My son graduated from Toronto University. He lived in an apartment on Ontario St, share with his classmate, cost $900/month for that two-bedroom apartment.
It can be found by Toronto renting website. Or, it is working for many students: they just walk to there and ask inside one apartment by another -- there have numbers apartments and many UT students live there.
Finch is too far from UT Down Town 校区, you may need much more time on the road especially you get an apartment just beside the Finch subway. It is good for UT Scarborough 校区. Some student take Apartment near Kennedy Subway, it is about half way of Finch, take about 40 minutes on road ( subway, bus, etc.), and cheaper than Downtown. As far as I know, around Ontario St or a little more go East there have a lots Apartment similar price as Finch and Kennedy area if you want live in an apartment of 房价不是很贵 (房子 may not 比较新, but good for living in).
Please note, Toronto is a big city , much bigger than Ottawa. It's good to look a map of Toronto first.