for 1000 bucks you should be able to find something in bicycle distance to u of t (I'm assuming that is where you were accepted)
if not, i still recommend living downtown cause its a nice lifestyle-- coffee shops, nightlife etc.
right now st. clair west is affordable ... ossington to dufferin are also up and coming.
the danforth is also affordable right now.
My philosophy is that as long as you are ten to 15 minutes to the subway, most things are a 45 minute commute in total.
toronto is pretty decent in terms of safety. there are no areas that i would say definitely do not move into. Artists have moved in if its cheap.