Bike:
Recently, Bixi Bike Stations have been put up around the city and they allow you to rent a bicycle for 24r hours ($5) or 72 hours for $12 (other rates apply for frequent users). They currently have 1000 bikes and 80 stations across the city. You can read how to use Bixi here.
TTC (Toronto Transit Commission):
The TTC consists of buses, streetcars and the subway. Buses are most recognizable to visitors as many cities only employ the use of buses in their transit system. TTC buses are white, red and black in colour.
Streetcars are mainly red and black and run along tracks embedded into some streets across the city. Above the street are a series of cables which provide electricity to the streetcar to allow it to run. Streetcar stops are sometimes located in the middle of the road, between the two directions of traffic. If you are driving behind a streetcar and it stops (and a stop sign sticks out of the side), you cannot pass it as it is letting on and off passengers that will need to cross the street to get to the sidewalk. This is similar to school buses.
The Subway system is located underground, and you can access it by going down a set of stairs marked by the TTC logo. There are two main lines, the Bloor-Danforth going west and east, and the Yonge-University-Spadina line going north and south.
The buses, streetcars and subway all cost $3 per ride, no matter how long or short of a distance you wish to travel.
