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After visiting Toronto only 3 times, my fiance and I have decided to move there next year! It's the most beautiful city I've ever been in--so clean, and a perfectly functioning public transportation system. We stayed at the Global Backpacker's Inn, and I highly recommend it. Private double rooms are only $60 a night, and if you don't mind sharing a room with strangers, prices go as low as $27 a night.
Make sure to visit Chinatown and Kensington Market. You'll find a lot of neat little shops and 420-friendly cafes. It's a great city for both young people and families. Also, the economy is booming and jobs are plentiful.
For a visit, check out the CN tower, the Steamwhistle brewery (tour and free samples for $6 if you stay at Global Backpacker's!), and Centre Island. Bring LOTS OF LAYERS if you're traveling between, say, October and March. Summers are absolutely gorgeous. There's a nude beach on Centre Island, just a short ferry ride away, as well as family-friendly parks and swimming.