The best place to get a decent and cheap lock in Toronto is at Mountain Equipment Co-op, which is at King and Spadina.

The best place to get a decent and cheap bike in Toronto is either Craigslist or Value Village. How tall are you? I have a great Concorde road bike that isn't seeing much use lately but it would only fit a person 6'1 or taller. If that is too big for you, I can keep an eye out at the VV for a nice ride for you....I have hooked up almost 10 of my friends with good bikes through VV and the most expensive was $40. Let me know your height and what you are looking for.