Hello and welcome. Liberty Village eh? Not that there aren't children there, it's a different sort of way to live.
Now if hubby is bringing in 6 figures or more, then you will probably manage alright there. Private school rather than public would be the way to go. Condo rather than house is most likely. Unless you have a sizeable stash of cash coming with you, you're going to have to deal with a number of issues, mortgage and credit being the minor ones. If you're renting, think between $2500- $3500 a month for rent for a condo.
Toronto is fairly safe when you know your way around. Consider Toronto like many many little villages all grown together. Greek town, Little Italy, Little Poland, two China Towns, Little Portugal and so on. The culture is very diverse and you can experience more than you ever thought food wise. There are good areas and bad areas. Down by the lake in expensive or derelict. You do sound slightly older having a teenager and two other kids so perhaps the suburbs would be more to your liking. Oakville is lovely and has great public schools. Not all that cheap, though not like Toronto.
Further from the lake, you can find affordable rentals in older buildings or houses. The Beaches is an older established neighbourhood, very nice though a bit trendy. There is poverty in Toronto which is something some people who aren't used to seeing that sort of thing can be disturbed by. There can be a bit of a culture shock when coming from a smaller city. Finding a family doctor can be difficult. There are plenty of walk in clinics that can take care of immediate needs as state of the art health care though emergency rooms are always going to be a long wait.
Great transit system, entertainment second to none, and the food is incredible.
Commuting isn't difficult if you take transit. Driving can be frustrating. Parking expensive and sometimes unavailable. Plenty of free stuff going on almost all the time and much of it family friendly.
Lots of good people living in Toronto and getting involved with schools, community organizations is a great way to make new friends and get a quicker lay of the land.
Toronto also has gangs like all major cities and all the problems that come with that. There are places that you don't want to live here. Jane and Finch for one but problems can and do crop up everywhere from time to time. Response to emergency is usually pretty good. There is a heavy police presence especially when it comes to major events and parking.
This might help with some more information.
City of Toronto: Toronto Neighbourhoods
REALTOR.ca - Welcome
Also if you don't have it already, Google Earth has a street view application that allows you to see an area from the street. So you can see stores, housing, schools, and a snap shot of the usual goings on taken some few months ago.
Google Earth
Best of luck.
