Canada 🇨🇦 · Canadian Dollar
Toronto on a budget
Toronto is Canada's biggest city + most expensive to visit — but a proper budget trip is doable at CA$65-95 (US$48-70) per day if you hostel + TTC + street eat. The trick is knowing which "free" versions of the big-ticket sights actually work (CN Tower views from the Toronto Islands ferry, ROM free on Wednesdays after 4pm, AGO free on Wednesday nights).
The real story
Toronto's currency (Canadian dollar) sits at 0.74 USD in August 2026, giving US visitors a healthy 25%+ conversion boost. Hostel scene is small but solid — HI Toronto downtown and Planet Traveler on College are the two backpacker anchors, both under CA$45 per bunk. Airbnb inventory is expensive due to strict short-term rental rules; hostels beat it.
The TTC (Toronto Transit Commission) day pass at CA$14.50 covers streetcars, subway, and buses across all six former boroughs. Uber runs but is 30% pricier than at any other North American city due to the licensing regime. Bike Share Toronto is a legit option May-October.
Food is where Toronto punishes budget travelers — a burger + beer downtown is CA$30. St. Lawrence Market ($10-15 for peameal bacon sandwich) and Kensington Market food stalls are the fixed cheap options. Chinatown / Koreatown / Little India for CA$8-15 meals.
Where to stay — hostel picks
HI Toronto Downtown
Best-run + best located, walking to Kensington + CN Tower
Planet Traveler
On College Street, Kensington-Market-adjacent, party-friendly
The Only Backpackers Inn
Little Italy location, kitchen + rooftop, quieter vibe
Two Chicks and a Hostel
Female-only floor available, Cabbagetown location
Book Toronto hostels on Hostelworld
All hostels above listed on Hostelworld with 24h free cancellation on most rates.
Hostels & private rooms in Toronto
Solo-friendlyHostelworld is the largest inventory — most properties list private twin rooms alongside dorms, so it works for couples + solo travellers alike. Free cancellation on flexible rates, verified reviews from people who actually stayed.
Browse Toronto hostelsThings to do — time / where
| Activity | Time | Where |
|---|---|---|
| Toronto Islands ferry + Ward's Island beach | Half-day | Jack Layton Ferry Terminal |
| AGO (Art Gallery of Ontario) free Wednesday nights | 2h | Dundas W |
| ROM (Royal Ontario Museum) free Wednesday nights | 2h | Bloor + University |
| Distillery District walk | 2h | East end downtown |
| Kensington Market food walk | 3h | Kensington |
| St. Lawrence Market food-hall lunch | 1h | Downtown east |
| CN Tower Edgewalk (splurge if you can) | 90 min | CN Tower base |
| Casa Loma medieval castle | 2h | Casa Loma station |
| Toronto craft brewery tour (Bellwoods / Blood Bros) | 3-4h | Ossington + Little Italy |
Cheap eats — spot / dish
Front + Jarvis
St. Lawrence Market — Carousel Bakery peameal bacon sandwich
Peameal bacon sandwich
Queen West + Yonge
Banh Mi Boys
Banh mi + kimchi fries
College + Yonge
Fran's Diner all-day breakfast
Big breakfast + coffee
Kensington Ave
Kensington Market — Rasta Pasta
Jerk chicken pasta
Dundas W + Spadina
Chinatown — Rol San dim sum
Dim sum for 2
College + Clinton
Little Italy — Cafe Diplomatico
Pizza slice + wine
Bloor + Bathurst
Koreatown — Owl of Minerva 24h
Kimchi chigae + rice
Money hack
Get a Wise or Revolut card BEFORE arriving — banks give the mid-market CAD rate + 0% conversion vs Visa/Mastercard 3% conversion + fee. On CA$1,000 spend that's a $30 saving. Toronto ATMs mostly charge CA$3-5 withdrawal fees; use Wise virtual card + tap Interac instead.
Insider tip
The CN Tower observation-deck ticket is CA$45 — for the same money get 2× Toronto Islands ferry returns AND rent a bike on Center Island. The postcard-shot of the CN Tower FROM the Toronto Islands is objectively better than any view FROM the CN Tower.
Transit
TTC Day Pass CA$14.50 unlimited (streetcar+subway+bus) — buys itself back in 4 rides. PRESTO card CA$4 tap-in one-way. Uber is 30% more expensive than most US cities due to licensing. Airport (Pearson YYZ) → Union Station via UP Express CA$12.35 in 25 min (cheaper than Uber CA$60).
Bigger budget? Hotels + bundles
Toronto hotels on Expedia
If you have Expedia Rewards points or a saved payment method, this is the fastest path to a confirmed booking. Free cancellation on most rates, price-match guarantee.
Search Toronto on Expedia
US defaultExpedia bundles the flight + hotel discount in-cart (5-30% off the combined book). Price-match guarantee means you can rebook if the rate drops before check-in.
See Toronto ratesToronto on a budget — FAQ
Where should I stay in Toronto on a budget?
HI Toronto Downtown — Best-run + best located, walking to Kensington + CN Tower. Planet Traveler — On College Street, Kensington-Market-adjacent, party-friendly. The Only Backpackers Inn — Little Italy location, kitchen + rooftop, quieter vibe
What is the cheapest way to get around Toronto?
TTC Day Pass CA$14.50 unlimited (streetcar+subway+bus) — buys itself back in 4 rides. PRESTO card CA$4 tap-in one-way. Uber is 30% more expensive than most US cities due to licensing. Airport (Pearson YYZ) → Union Station via UP Express CA$12.35 in 25 min (cheaper than Uber CA$60).
What are the cheapest things to eat in Toronto?
St. Lawrence Market — Carousel Bakery peameal bacon sandwich — Peameal bacon sandwich. Banh Mi Boys — Banh mi + kimchi fries. Fran's Diner all-day breakfast — Big breakfast + coffee. Kensington Market — Rasta Pasta — Jerk chicken pasta
What are free or cheap things to do in Toronto?
AGO (Art Gallery of Ontario) free Wednesday nights; ROM (Royal Ontario Museum) free Wednesday nights; Distillery District walk; Kensington Market food walk. Plus paid options starting from the low end of admission tickets.
Money-saving tips for Toronto?
Get a Wise or Revolut card BEFORE arriving — banks give the mid-market CAD rate + 0% conversion vs Visa/Mastercard 3% conversion + fee. On CA$1,000 spend that's a $30 saving. Toronto ATMs mostly charge CA$3-5 withdrawal fees; use Wise virtual card + tap Interac instead. The CN Tower observation-deck ticket is CA$45 — for the same money get 2× Toronto Islands ferry returns AND rent a bike on Center Island. The postcard-shot of the CN Tower FROM the Toronto Islands is objectively better than any view FROM the CN Tower.
Other budget guides: