Toronto's a pretty nice place. As are other cities like Calgary, Vancouver, and Montreal.
Toronto, and southern Ontario in general, have some of the warmer summers in Canada (and, other than Vancouver, which resembles Seattle climatically) is one of the mildest places in winter. Looking at the climate data, Indianapolis is only slightly warmer than Toronto all year. (Indianapolis: January normals +2/-8 C, July +29/+18. Toronto, -2/-10 and +26/+16. Very similar).
Rentwise, you can expect to pay around $ 800-1000/month in the suburbs and between 1200 and 1500 downtown for a 1 bedroom. Rent often includes utilities but almost never parking (runs from $30 or so in the burbs and between $100 and $200/month downtown). 1+den is about $200 more expensive, and 2 bed is around $300 more expensive. I live just outside downtown and pay a hair over a grand a month.
The public transportation downtown is very good and a car is not really necessary, though if you reverse-commute to a job in the burbs it can be (but often isn't) difficult to get there via transit. Vancouver and Montreal are similar wrt transit downtown; Vancouver's more expensive to live and Montreal is cheaper.
School boards don't vary nearly as much in Canada as they do in the States. For one thing, they're much larger so you don't have the problem of school boards being poor. Toronto's board has hundreds of schools and half a million students; school "quality" depends mostly on the local neighbourhood. You wouldn't want to live in the areas where the bad schools are anyways. As the teachers circulate freely within that board it does act as a levelling agent. Racial segregation is significantly lower in Canada, though it exists particularly in immigrant-rich areas.
the reality is you kind of have to visit and get a feel for the area. In Toronto Downtown is pretty good, the inner suburbs alternate between quite wealthy and pretty rough (nothing like an American Rust-Belt city though. The worst parts of Toronto see maybe 5 murders a year.) and the outer burbs (called the "905" - the area code) are pretty middle class.