Toronto is one of North America’s most vibrant and multicultural cities. Known for its modern skyline, diverse neighborhoods, world-class attractions, and excellent public transportation, it’s a top destination for budget travelers. Whether you’re visiting for sightseeing, business, a family trip, or a quick weekend escape, Toronto offers plenty of affordable hotel options without compromising comfort or convenience.
This guide features the best budget hotels in Toronto located near major attractions such as the CN Tower, Ripley’s Aquarium, the Eaton Centre, and Toronto’s waterfront. All recommendations focus on value, safety, cleanliness, and easy access to public transport, ensuring a great stay at a reasonable price.
Why Visit Toronto?
Toronto is famous for its welcoming atmosphere, cultural diversity, green parks, and iconic landmarks. You can explore museums, attend festivals, enjoy global cuisine, and take day trips to places like Niagara Falls—all easily accessible.
For budget travelers, Toronto offers:
Affordable transit with the TTC
Plenty of free or low-cost attractions
Many hotel deals across different neighborhoods
Safe environments suitable for families and solo travelers
Best Budget Hotels in Toronto
1. The Rex Hotel
Located right on Queen Street West, The Rex Hotel offers clean rooms at a budget-friendly price and sits near great restaurants and nightlife. The streetcar line passes directly in front, making travel easy.
Why choose it?
✔ Excellent central location
✔ Good for couples and solo travelers
✔ Walking distance to Nathan Phillips Square
2. Chelsea Hotel Toronto
One of the most popular affordable hotels in the city, Chelsea Hotel provides spacious rooms, a fitness center, and a family-friendly environment.
Why choose it?
✔ Near Yonge-Dundas Square
✔ On-site dining
✔ Indoor pool and gym
3. HI Toronto Hostel (Budget Option)
A great choice for backpackers and solo adventurers, this hostel offers clean shared rooms, private rooms, and a social atmosphere.
Why choose it?
✔ Cheapest option downtown
✔ Free events and activities
✔ Safe for solo travelers
4. Super 8 by Wyndham Downtown Toronto
Perfect for travelers who want Chinatown and Kensington Market at their doorstep. Rooms are simple, comfortable, and affordable.
Why choose it?
✔ Free breakfast
✔ Close to transit
✔ Family-friendly environment
5. Samesun Toronto
A modern, well-maintained hostel with private rooms available. This spot is especially popular with digital nomads.
Why choose it?
✔ Modern design
✔ Social lounge
✔ Close to Bloor Street
6. The Strathcona Hotel
Located in Toronto’s Financial District, this hotel offers good value for those wanting to be near Union Station and the waterfront.
Why choose it?
✔ Best location for sightseeing
✔ Modern rooms
✔ Steps from the subway
7. Hotel Ocho
A stylish boutique hotel near Queen West, perfect for travelers who want charm at an affordable price.
Why choose it?
✔ Trendy neighborhood
✔ Boutique-style rooms
✔ Restaurants and bars nearby
Best Areas to Stay in Toronto on a Budget
Downtown Toronto
Best for sightseeing, shopping, and nightlife. Prices can be higher but still manageable with good deals.
Chinatown & Kensington Market
A multicultural area with excellent food options and cheaper accommodation.
Midtown (Bloor–Yonge, Yorkville edges)
Safe, quiet, and connected by subway.
The Annex
A youthful, vibrant neighborhood near the University of Toronto.
North York (Cheapest option)
Affordable hotels and metro access to downtown.
Top Things to Do in Toronto (Budget-Friendly)
CN Tower – Views of the City
You can enjoy the exterior views for free or pay to go up the tower. It’s one of the world’s tallest structures.
Nathan Phillips Square
Known for the Toronto sign and free events, especially during winter ice skating.
Toronto Eaton Centre
One of Canada’s largest malls, great for shopping and sightseeing.
Harbourfront Centre
A stunning lakeside area perfect for walking and relaxation.
Kensington Market
A lively neighborhood with street art, food stalls, and vintage shops.
Toronto Islands
A short ferry ride away, offering beaches, cycling, and city skyline views.
All these attractions are either free or low-cost — great for travelers on a budget.
Travel Tips for Visiting Toronto on a Budget
Use the TTC: Public transport is the cheapest way to move around Toronto.
Book early: Toronto hotels fill up quickly, especially in summer.
Stay near a subway station: It saves both time and money.
Visit during off-peak months: November–March usually has lower hotel prices.
Look for weekday deals: Hotels are often cheaper from Monday to Thursday.
Where to Book Budget Hotels
You can find excellent budget hotels in Toronto through trusted travel platforms. Check the latest deals for your travel dates here:
👉 Find the best budget hotel deals in Toronto on Trip.com
Conclusion
Toronto is a dynamic, multicultural city filled with exciting attractions, beautiful waterfront views, and welcoming neighborhoods. With the right planning and smart hotel selection, you can enjoy an affordable and comfortable stay. Whether you prefer a downtown hotel close to major sights or a quieter area connected by subway, Toronto has plenty of options for every budget.
Use this guide to plan your stay and enjoy the best of Toronto without overspending.
You May Also Like:
Looking for more attractions? Read our Top Toronto Attractions Guide.
Planning a longer stay? Check out our 3-Day Toronto Itinerary.
Traveling further in Canada? See our guide to Budget Travel in Canada