The most conveinant way of travelling to Cochrane from Toronto is to take the Ontario Northlander train. The bus ride is simply too long and uncomfortable. I recommend driving, then you can enjoy all the stops along the way and pricing is affordable.
To anyone who is wishing to go to Cochrane or travel even further north to Moosonee/Moose Factory, be aware. There are no polar bears to be seen, perhaps a brown bear if you head to the "dump."
However, if you are an avid nature lover, there is plent of scenary. Fishing and hunting are prime activities and during the winter, winter activities are limitless. (Snowmobiling, snowshoeing, ice fishing, hockey tournaments etc)
There are no public modes of transportation in Cochrane, Moosonee or Moose Factory other than taxis.
If you are heading to any of those destinations, be prepared to thoroughly plan your trip if you want to make the most of it. There is little to nothing to do in these towns when it comes to culture, entertainment, dining and shopping.