Just in case anyone is interested, I did a bit of quick research.
Residence at Algonquin college is between $7210 and $7360 depending upon whether its paid in full as one payment, or over the course of three payments. This price is for the academic year, which runs, they say, from September too April. So, for these 8 months it works out to about $900/month. On top of that, a mandatory meal plan is imposed upon first year students living in residence, these plans range from $2000/academic year($250/month) to $3860/academic year(482.5/month). All included, costs for rent/food range from $1151.25/month to 1402.5/month.
So, a Private with pay level 1 and pay increment 1 makes $2860/month. This means that he/she will net $2423.33/month ($29,080/year if your interested) after taxes. After taxes/residence fees that leaves between $1020.83/month and $1272.08/month (basically depending on how much you want to eat, as the price difference really comes in the meal plans.
Now, with doing a search of craigslist and Kijiji, it seems that the average price for a room in a shared house adjacent too the college is $500/month, give or take a bit. In most postings, this includes utilities/internet, although not in all. I currently live in Vancouver and find I spend about $250/month on food for myself.
So, a private with pay level 1 and pay increment 1 makes $2860/month and nets $2423.33/month. $2423.33 - ($500 + $250) = $1673.33, whats left at the end of the month.
This does not take into account any subsidization and/or tax breaks one might receive from the military, as I am not aware there are any for this particular situation. I'm curious as to how these numbers compare with living on an Army base like, say, Petawawa.