Toronto is Canada’s version of New York. No matter what season you visit, it’s a diverse, multicultural city with a vibrant nightlife, amazing food scene, and plenty to see and do.
It may lack the historic charm of Montreal or the natural beauty of Vancouver, but Toronto is a sprawling metropolis that will keep you entertained.
However, it can also be an expensive city to visit.
Budget hotels are inconveniently located and Airbnb prices are rising every year. Luckily, the city has several budget-friendly hostels that can help you save money. For the money you can spend enjoying the city and all it has to offer!
To help you plan your trip, here is a list of my favorite hostels in Toronto. If you don’t want to read the longer list below, the following hostels are the best in each category.
Best hostels for budget travelers:
Best hostel for couples/families:
The best hostel for female solo travelers:
Best hostel for parties:
Want to know the details of each hostel? Here is a list of the best hostels in Toronto:
1. Planet Traveler Hostel
Planet Traveler is a fantastic hostel because it really gives us travelers what we need. All rooms have en-suite bathrooms (including all dorm rooms), a full kitchen with complimentary breakfast until 1pm (which is actually pretty good), two personal lockers for all guests, and best of all, a stunning rooftop terrace with amazing views of downtown Toronto.
This is a fun hostel and it’s very easy to meet people here. The very friendly staff organize regular weekly events such as quiz nights and pub crawls. The beds are also very comfortable, allowing for a good night’s sleep (a big plus in my book!), and several rooms offer pod-style beds for extra privacy. The hostel is located in Kensington Market, one of Toronto’s hippest neighborhoods, with plenty of cheap eats and interesting shops right on your doorstep.
Planet Traveler Hostel Overview:
- We hold many events
- Free breakfast (until 1pm)
- great central location
2. The Only Backpackers Inn
This is your standard chill backpacker hostel. There is a bar (serving more than 200 beers), a café, multiple common areas (including an outdoor patio), and complimentary breakfast. The staff are very friendly and it’s close to the subway, making it easy to get around and explore the city.
The dorms here are small, but the mattresses are thick and comfortable. Everything is bright and colorful and the whole place has a slightly DIY feel. In short, this is a laid-back, classic backpacker hostel and a good choice for solo travelers looking to meet people.
About The Only Backpacker’s Inn:
- free breakfast
- helpful staff
- cool outdoor terrace
3. Parkdale Hostellery
This is the cheapest hostel in the city. There is no free breakfast, but the money you save can make up for it. There is a common space and a shared kitchen. Although it’s not as central as other hostels, it’s close to the city’s up-and-coming vegan neighborhood, Vegandale, as well as Echo Beach and Fort York (a National Historic Landmark). The amenities and design may not be the most modern, but they are very affordable and have a warm, homely feel.
If you don’t want to be social and just want to save money, this hostel is for you.
Overview of Parkdale Hostellerie:
- very affordable
- social atmosphere
- There are many great restaurants nearby.
4. Clarence Park
This centrally located hostel is just blocks from the CN Tower, Rogers Centre, Port of Toronto and many other popular attractions. It’s a great place to stay if you want to be in the center of everything. Of course, you’ll have to pay a little extra to enjoy that privilege.
Clarence Park is a social hostel with a cozy lounge with free tea and coffee, weekly events, a rooftop terrace and barbecue (seasonal – this is Canada after all!). There’s also a spacious, fully-equipped modern kitchen where you can cook your own meals to save money. All rooms have a desk and free WiFi is available throughout the property.
Clarence Park Overview:
- shared kitchen
- Weekly Social Events
- Rooftop terrace and barbecue
Book a Trip to Toronto: Logistics Tips and Tricks
flight reservation
Find cheap flights with Skyscanner. It’s my favorite search engine. We search websites and airlines around the world so you always have all the information!
Accommodation Reservation
You can book hostels through Hostelworld, which offers the largest inventory and best deals. If you want to stay somewhere other than a hostel, try Booking.com. We consistently offer the lowest rates on guesthouses and budget hotels.
Check out this post for a list of the best areas to stay in the city.
Don’t forget travel insurance
Travel insurance protects you against illness, injury, theft and cancellation. Comprehensive protection in case something goes wrong. I can’t go on a trip without it, as I’ve had to use it several times in the past. Here are some of my favorite companies that offer the best service and value:
Are you looking for the best company to help you save money?
Check out my resources page for the best companies to use when traveling. I list everything I use to save money on the go. You can also save money when traveling.
Want more information about Toronto?
Be sure to visit my powerful destination guide to Toronto for more planning tips!
