We had another talk last night and I seem to have got the message across that for now we cannot afford to move to Toronto. Thanks for all the comments everyone, it really helped me out.
We could look at living north of the city and I commute, but I can't say I like the idea of sitting on a train or bus for 1hr each way to school. 30mins for a commute is pretty much my limit.
I commuted over an hour each day to get to school and the study time on transit helped a great deal. You should rethink the long commute as study time but remember that commuting by train or bus is also expensive over time.
