Please note that these are best or standard rates.
You may be eligible for another rate such as AAA, or CAA or Seniors.
Some hotels even have weekend packages.
Some chains have price guarantees, so if you find a low price you might be able to negotiate with the hotel itself.

In terms of location Toronto, North York, Richmond Hill, Mississauga, Etobicoke, and Scarborough are ideal. If you aren't driving, your best bet would be downtown or the northern part of Toronto.

Click here for an Expedia search for hotel rates in Toronto.
Click here for a Travelocity search for hotel rates in Toronto.
Click here for a Trip Advisor search for hotel rates in Toronto.

Accomodations at Toronto.com
Motels at Toronto.com

A search of Bed and Breakfasts in the area resulted in prices as low as 35.00 for a single and some hotel rates for doubles.

Bed and Breakfast - Toronto
Bed and Breakfast - Mississauga
Bed and Breakfast - Richmond Hill
Inns, Bed and Breakfasts - Toronto.com

Hotel and Link	Double Occupancy per night	4 People per room per night
Comfort Inn: Meadowvale	89.99 internet rate 99.99 standard rate	89.99 internet rate 99.99 standard rate
Comfort Inn: Sheridan Park	143.10 internet rate	163.10 internet rate
Comfort Inn: Markham	100.80 internet rate	110.80 internet rate
Quality Hotel Airport The best in terms of location (Islington and 401)	107.95 internet rate
Quality Hotel Airport This rate from Expedia	67.00
Clarion Hotel (Downtown)	95.99 internet rate
Radison Hotel Toronto East This rate from Travelocity or Expedia Pets Allowed	66.00
Alexandra Apartment Hotel This rate from Travelocity	82.87
Ramada Hotel - Don Valley This rate from Expedia	83.00
Park Plaza Hotel Toronto Airport This rate through Expedia	70.00