I've got a problem: this was my first hostel experience, and I am utterly convinced that no other hostel will even manage to approach my experience here.
For the price and experience, I'd easily take this place over any hotel in the area. The rooms are clean, everybody is incredibly friendly, and it's smack-dab in the middle of Toronto. They run events all the time, breakfast comes free, their lockers have power outlets (BRILLIANT!).
I can gush more, but I won't bother. This place is overwhelmingly good in every single way I would judge a hostel. If you're a 20-something planning on staying in Toronto, book here. You won't regret it.
Please be forewarned that the lobby closes at midnight, so checking in after is impossible.