I have lived in both Toronto and London.

If he is looking to live in Toronto and he is actually working at a TD near the entertainment district then there is any number of condos to rent around there. They are small, but he could walk to work and wouldn't necessarily need a car (depending on his job and the weekend activities he is interested in). Cost for a decent 1 bedroom plus den to 2 bedroom condo in that area is $1,700+/month (often above $2,000 for a two bedroom) and parking and storage can be extra depending upon the unit. Apartments are typically less, but not as nice and mostly don't have in-unit laundry, amenities, etc.

In London - yes, one definitely needs a vehicle. The buses are ok, but there is no other real transit to speak of and it is quite spread out. Housing is cheaper (and larger) but for a nice unit downtown it can still be pricey. It IS possible to commute daily from Toronto to London (people do it by car, although I don't advise it) and the Via Rail train schedule is also set up in such a way that it can be done easily as well. I did it about 10-15 days every month when I lived in London. That can get pretty expensive, though, and would offset all the cost savings from living in London