Moving back to Toronto from Italy

Hello folks,

my name is Pietro and I am Italian 23 years old, currently living in Italy. I am moving back to Toronto in May after having been away for almost three years.

I am really in love for Toronto and in fact I have decided to attend college there next year.
I have noticed rents have been raising up during the last three years, and I am wondering which area could be good to look for an affordable room to rent... The ideal place would be conveniently located from Subway station and busses heading to downtown, and my budget will be nothing more than $450 month. I am not expecting a big and luxury room, I will be ok with a decent fully furnished middle size room.

Also, I am wondering what is the job situation in Toronto at the moment. I have over four years of experiences as waiter and I will be looking for any positions in the hospitality field.
I have always been able to find a job within 24 hours, even though it wasnt always been a great job, anyways as long as I work and I make money its good for the beginning..  Will it be hard to find this time??

I would also like to make new friends to talk, go out and to share our different cultures, so, hit me up in case you are interested


Thanks
Pietro