First off... Congrats! I am totally jealous. I'd love to a) go back to school and b) go to theatre school.
The George Brown program, from all of read, is excellent. And I hear their new facilities in the Distillery District are first rate (they are a co-venture with the theatre group Soul Pepper and Soul Pepper does excellent work).
From Freddy Beach to The Big Smoke... just don't end up like those guys in
Going Down the Road.
There are a ton of things to do in Toronto and the theatre scene is excellent (not to mention the music, arts, film, etc.). As an artist you will be in heaven. I would suggest you start reading Toronto blogs like The Torontoist and BlogTO to get a feel for some of the things that are happening around town.
As for the apartment, if your friend is living close to the Randolph Academy that is located in the Annex. The Annex is a great location. It is full of UofT students and has a laid back vibe. If you are looking for "boho" this is the place to be (though there are other places too). You are also right on the Bloor subway line and the Bathurst Street car line. You can pretty much get anywhere in the city with little effort.
Good luck!