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Pros
Pro Very diverse city
Toronto is one of the most multicultural cities in the world, with over 140 languages spoken.
There are festivals and celebrations frequently with roots from all parts of the world. You can read more about the diversity statistics here.
Pro Great transportation system (downtown)
Cons
Con Difficult to find a place to live
There is a lot of competition for places to rent, both apartments and bedrooms.
Con Most expensive city in Canada
Toronto recently beat out Vancouver for the highest cost of living in Canada.
Con Fairly extreme weather/seasons
Toronto has weather that you probably expect from Canada. Summers are very hot and humid, while winters are cold and gets a fair amount of snow (100+ cm/winter).