If you don't mind very basic but clean accommodation, there is an inexpensive hotel right near my house, where my father always stays -- not too far from U of T, though not right by campus. They're at alexandrahotel.com if you want to check them out.

There's a nice B&B a bit north of campus, the Admiral St George. A little more expensive, but not bad, www.saintgeorgebb.com

Planet Traveler, 324 College St, alleged to be a "cheap and eco-friendly hostel", new, across from my church, can't speak of it personally, theplanettraveler.com

I would like to see you, if it's possible!

In the summer, the various student residences rent rooms cheaply, but there is probably nothing available during term.