Agreed. I recently purchased a Canadian-made, half-canvassed suit at Tom's for 350 (sale), plus tax and tailoring. Two locations: Bay Street and Kensington Market.
Department stores are a good option if you can catch sales (Calvin Klein, etc. at 300 or less. Keep in mind that these are cheap, but 'fashionable', fused pieces in largely-synthetic fabric blends).
Moore's is a good choice for variety and price range - cheaper, fused-construction 'designer' pieces (Hilfiger, etc) can be had for ~ 400 or sometimes less, while much nicer Canadian-made, half-canvassed Joseph Abboud suits begin at ~ 795.
If you are
only wearing a suit for special events, etc, then you don't have to spend any more than you need.
If you wear suits semi-regularly and/or work in any type of corporate environment, you should invest in better-constructed (canvassed) suits in wool (not synthetic) fabric. These will simply last longer and hold up nicer in the long-term.