Technically speaking, yes, as it’s one of Canada’s progressive cities and listed as among the most expensive towns in the world, so it is costly to stay in Toronto.
However, the city’s living expenditures are par with the salary compensation rates. Hence, it’s okay. For tourists, it may be a bit pricey to travel to Toronto. However, a couple of days or so won’t hurt that much.
Besides, you are making a worthwhile investment. Estimated money that you’re going to spend when you visit Toronto is around $163 or more, depending on your itinerary or accommodation.