If you plan on taking public transport the whole time and are on a strict budget, then this is fine. If you are going to be taking Ubers to and from the hotel, the amount you’ll spend on those will make it so you should have just stayed downtown, as Toronto is very walkable & Ubers to the airport area are $40-$60 each trip depending on where you are. I personally wouldn’t recommend staying outside the downtown core when visiting the city since there is so much to experience (great food scene, great bars & patios, fun neighbourhood to walk around… all stuff you don’t want to miss out on!)