"inn on Bay", which has a sign for 60 dollars a day, which is the best I have seen so far It is on Bay st, just north of Eduard, close to the bus terminal
If you are coming for a short period try www.priceline.com It is an internet site where you can "Name Your Own Price" for unused hotel rooms. We stayed in a Chicago 5 star hotel which would normally cost 200US$ for only 62$ I heard similar stories about hotels in Toronto.