Re: Wanted: 1 Bedroom Apartment or bachelor Apartment, Furnished @ $500-$550
If you're looking to pay $500-$550 and want to be in downtown Toront (close to Ryerson) - then you should be looking at renting a room (with shared kitchen and bathroom facilities) - rather than an entire apartment.
Here's an example of a furnished room that $520. It's not right downtown - but it looks like it's fairly close.
http://toronto.en.craigslist.ca/tor/roo/3983741733.html