There is always something going on in the square and it's a great place to people watch. My husband and I always grab a paper and head to the square each and every visit to Toronto regardless of the weather. It's a very busy space with lots of cameras flashing, people smiling, families enjoying, etc..
We have visited on numerous occasions and there were vendors there giving away things from ice cream, jerky, samples or detergent, etc..
Our most recent trip July 2017 we discovered the newly added water falls that shoot from the ground. There are several and a toddlers paradise, our son didn't have any extra clothes however he ran a muck through those sprinklers while we looked on smiling. H & M is conveniently located across the streets and we scooped up some dry socks as we were not ready to head back to our hotel to change his clothes :-)
There is seating in the square on a first come first served basis and set up around the perimeter of the square, some in the shade and some not. I especially enjoy the ALL WAYS street crossing at corner where everyone crosses at the same time via going diagonal or horizontal it's a 6 way crossing at the same time which is unique to Toronto.
Great place to go as a tourist you can see a great deal of stores from the square and restaurants and pull up Yelp to see where you will head after leaving the square.