This is a great way to stay in downtown Toronto for a reasonable price. Not for you if you want a hotel with all the amenities, but for price and location it can't be beat.

We stay at least once a year.
Generous buffet breakfast in Hogwarts-like building (from the outside) (if you know your Harry Potter) is included. Also access to kitchenette if you come prepared (you might need a pot and dishes, for instance).
Student residence accommodation (shared bathroom, not terribly comfortable beds) in older part of BEAUTIFUL University of Toronto campus. Really nice if you get into the older residence building but the newer one is ok too. Stone building opening on a treed grassy enclosure. LOVE IT.
Guests from around the world. All well-behaved (never once had any complaints about noise).

And you're right downtown. Several museums, bookstores, restaurants, within walking distance in one direction and strip bars within walking distance in the other direction... more