Hi Alex, 

There's a new boutique hotel that just opened this year right in the heart of all the action. It's called the Beverley Hotel (Beverley Hotel). Basic room rates are about $159 Canadian. They also have good food! I live just around the corner and go here often for brunch/dinner/drinks. 

Toronto Life usually does a good job capturing the new & trendy restaurant scene. Check out their article on the best new restaurants in 2014. 

When are you coming? 

These days, unless you stay out by the airport,  you won't find much under $120/night. The Strathcona Hotel is a pretty good location downtown and fairly reasonable price. I've stayed there twice before. You may also want to look into Eaton Chelsea Hotel - it's a bit more expensive but it's right near lots of shopping and entertainment. My go to these days in Toronto is AirBnB (I prefer west of Yonge, Bloor and south).

As for things to do... there's so much. If you want thrills, I recommend EdgeWalk at CN Tower. The new Ripley's Aquarium of Canada is open. If you're into beer, try a tour of Steam Whistle Brewing. And of course, my beloved Blue Jays play at Rogers Centre regularly.

Try SoHo Metropolitan Hotel  You'll love the location.

Hey Alex

Toronto hotels can be very pricey, are you planning to drive? If you are parking could cost up to 30$. Hotels I have stayed at that are not too expensive but close to downtown area and comfy is the Cosmopolitan Toronto Centre Hotel & Spa. I believe i paid 120$.

I hope this helps and if you are into Japanese food should try Guu Izakaya

The Eaton Chelsea Hotel downtown is reasonably priced, and close to everything on Yonge and College streets. Within easy walking of College subway station. Well-traveled area, safe, lots of restaurants nearby.