You won’t find a Toronto hotel for under $200. Not DT anyways. You will have to try Markham or Mississauga. Maybe Scarborough. It is going to be difficult
Plan your visit and book 2 weeks in advance for better rates. This applies to airline tickets as well.
Your last minute booking will cost you a bundle.
Try a few hotel booking web sites.
Seconding this. Hotwire's "Hot Deals" are usually pretty good although you don't find out the name of the hotel until you book. Having said that it shows an "actual photo" of the room which you can then search on GIS or Tineye and it will show the name of the hotel.
I searched for today and the lowest price for tonight (for example) was $103 and a reverse search showed it's the Days Inn in Stoufville. There were tons of other deals all around $130.
It's my go to for booking something on short notice.