Posted: 5/23/2020 | May 23rd, 2020
Toronto is Canada’s version of New York City. It’s a diverse, multicultural city with a vibrant nightlife, amazing food scene, and tons of fun things to see and do — no matter what season you visit in.
However, it can also be an expensive city to visit.
Budget hotels are inconveniently located and Airbnb prices rise every year. Fortunately, the city has a few budget-friendly hostels that will help you save money — money you can spend enjoying the city and all it has to offer!
That said, there are a lot of things to consider when selecting a hostel. The top four when picking the best hostel in Toronto are:
Price Legend (per night)
- $ = Under $40 CAD
- $$ = $40-50 CAD
- $$$ = Over $50 CAD
1. HI Hostel Toronto
HI Hostels are always some of my favorite to stay at because they really get what we travelers need. HI Toronto is in a convenient central location close to everything you need (nightlife, shopping, restaurants, the CN tower, the waterfront, and more). Free breakfast is included, there are private safes for every guest, and they host lots of regular events. It’s a fun hostel and very easy to meet people here as there is a bar on-site that regularly hosts live music.
HI Hostel Toronto at a glance:
- Hosts lots of events
- Easy to meet people
- Great central location
Beds from $45 CAD per night, privates from $133 CAD per night.
2. Two Peas Pod Hostel
This hostel has a lot going on for it. On top of hosting events, they also run a store and cafe, providing travelers with a full spectrum of services to ensure their stay is not only fun but convenient. They have a super chill rooftop common area (you can see the CN Tower from it) and they also have a mini movie theater that hosts regular screenings. Their pod beds are super cool too!
Two Peas Pod Hostel at a glance:
- Hosts lots of events
- Awesome common areas
- Super comfy beds
Beds from $59 CAD per night, privates from $159 CAD per night.
3. The Only Backpacker’s Inn
This is your standard chill backpacker hostel. They have a bar (with over 200 beers), a cafe, lot of common areas (including an outdoor patio), and free breakfast. The staff are super friendly and it’s located near the subway so you can easily get around the city and explore. It’s also one of the cheapest hostels in the city.
The Only Backpacker’s Inn at a glance:
- Lively social atmosphere makes it easy to meet people
- Helpful staff
- Chill outdoor patio
Beds from $37 CAD per night, privates from $95 CAD per night.
4. The Parkdale Hostellerie
This is the most affordable hostel in the city. There’s no free breakfast (but the money you save makes up for that). There’s a lot of common space as well as a communal kitchen. It’s not that central as the other hostels. It’s also near Vegandale, an up-and-coming vegan area of the city.
The Parkdale Hostellerie at a glance:
- Super affordable
- Social atmosphere
- Near lots of great restaurants
Beds from $26 CAD per night, privates from $78 CAD per night.
Toronto is a world-class city. The hostels here are especially social and fun, making it easy to meet people and have fun with other travelers. Just make sure you book your stay in advance as there are not many hostels here – and they fill up fast (especially in the busy summer months)!
Book Your Trip to Toronto: Logistical Tips and Tricks
Book Your Flight
Find a cheap flight by using Skyscanner or Momondo. They are my two favorite search engines because they search websites and airlines around the globe so you always know no stone is left unturned.
Book Your Accommodation
To find the best budget accommodation, use Booking.com as they consistently return the cheapest rates for guesthouses and cheap hotels. You can book your hostel with Hostelworld as they have the most comprehensive inventory.
Don’t Forget Travel Insurance
Travel insurance will protect you against illness, injury, theft, and cancellations. It’s comprehensive protection in case anything goes wrong. I never go on a trip without it as I’ve had to use it many times in the past. I’ve been using World Nomads for ten years. My favorite companies that offer the best service and value are:
Looking for the best companies to save money with?
Check out my resource page for the best companies to use when you travel! I list all the ones I use to save money when I travel – and I think will help you too!
Want More Information on Toronto?
Be sure to visit our robust destination guide on Toronto for even more planning tips!