Great Living Room Wanted

Image courtesy of Wit + Delight

Steven and I are planning a trip back to Canada over the summer holiday.  I'm wracking my brain to find a place we can stay in Toronto that is all our own, about $50 a night, and in a great location.  Air B & B seems like the most logical choice at this point, but some of the neighbourhoods are dodgy-town.  

I'm sure we'll find ourselves at the suite at my mom's condo for a few nights so we're close to family in Burlington, and I'm sure we'll head north to stay in a cottage for a few nights (anyone looking to rent waterfront property?), but I'm still searching for that perfect place in the city.   Any place that resembles my dream living room above would be perfect!