Cheap Temporary Accommodation in Toronto - What Area is Nice?

[WorldTrippy]

What are good areas for cheap accommodation for a sociable young couple spending the summer in Toronto where the area is also quite friendly and has good transport links? Ideally below $700/mo.

 

[urbandreamer]

Pape and Cosburn?

Oakwood and St Clair?

Gerrard East and Jones?