And your hostel is within a four-block walk of all that RickJay mentions as well. Plus the Enternainment District. Theatres, clubs, and restaurants, along John Street between King and Queen. Note: Blue Jays Way is a segment of John Street.
More things: Take the streetcar down Spadina (i. e. southward, or to your left when standing in Clarence Square and facing the street), get out at the water, and explore the Music Garden (just to the west of Spadina and Queen’s Quay.)
Take the streetcar up Spadina and visit Queen Street West, Old Chinatown, and U of T, in that order.
Visit the children’s books at the Lillian H Smith branch of the public library. Enjoy the bronze griffins at the entrance to the building. For a change, visit the research-level science-fiction, fantasy, and horror collection upstairs.
See whether you can locate the Cloud Garden near the Bay and Adelaide Centre.
Mallworld: hit the Eaton Centre with its hundreds of stores, then follow the underground passageways all the way to Union Station.
Sit in front of City Hall with some ice cream and watch the tourists watching you.
A great Toronto journey: take the streetcar from Long Branch in the west, along Lakeshore Blvd, the Queensway, and Queen Street, all the way to Neville park. It take about two hours, and you see all sorts of places, everything from City Hall and the skyscrapers of downtown to industrial zones to the fading beachside mansions and 1950s apartment buildings of Mimico to the grit of Parkdale to the artistically-funky Queen Street West strip to the cottagey area called The Beaches. And have inexpensive diner-style Chinese food at The Goof.