Hi Malu, I'm going to talk from the point of view of someone with kids and someone who comes from the Caribbean and hate cold. Because you have kids I think is a little bit more complicated to find the right coats at the same time, and maybe you end up doing too many trips to different designation stores. The problem is that you will arrive and you will need coats immediately, so, you don't have too much time to be hanging around with your kids on the streets without proper coats. Another option (even though is a little more expensive) is "Marshalls stores", the closer to your hotel is 126 John Street, Toronto M9M 1K1. You can find good prices there if you take the time to look for it. I believe that the only thing that you really cannot go to the cheap side in Canada is buying winter coats or boots, and specially if you have kids (look at it like an investment that you will be using for many years). Try to look for coats filled with a high % of "Down" on the labels, that is better than Synthetic; and as someone said in the answers, the layers are more important than anything, pay attention to places like head and feet because you loose the more heat from those places and that can ruin your day out on the streets. One more thing, don't buy your coats in the United States (Places like Florida or NY), they look pretty but not too functionals for the Canadian winter. I hope this helps.

There is a salvation army store on Parliament street that is not too far from there.
FYI, Dundas and Jarvis can be a little rough. Safe but lots of homeless...

How old are your kids? I might have some I could give you. I would search Kijiji.ca. Lots of people put their coats for sale on that site. You will have to wait until closer to your visit so that you can make a meeting place to get the coats and pay. Alternatively you should google value village and goodwill locations close to your accommodations.

Mali, you have some great suggestions here.

What I tell my friends not accustomed to the balmy Canadian winter is layers. Fleece and wool, synthetic under layer, wind and waterproof outer layer. This way you have several combinations depending on what the weather and despite the temperature swings. Oh, and a face covering. If you are not accustomed to a cold wind on your face it can be quite shocking.

There's also the Goodwill, but I prefer Value Village.

Value Village. They are everywhere. You can get some good items for cheap. Google search them and a location near you will show, in addition to all the other locations they have. My favourite one is at Victoria Park and Eglinton. It has a lot of name brand clothes, some barely used, great condition and super cheap. Each location will have different items and will reflect the neighbourhood they are in. Each has its own merits.

You might also want to try a Salvation Army Thrift Store, there is one just below Dundas on Parliament which is East of Yonge. You could take a street car to Parliament and walk south. You would be helping a charity, getting a cheap good second hand coat and there would be no tax on the coat.
Good luck and enjoy your visit!

Hi Malu,

You and your family will be most welcome in Canada!

Value Villiage is an excellent second hand store with gently used clothing for the whole family. You may even find never worn pieces with retail price tags still attached.

The closest one to your location will be the store at 924 Queen Street East. https://goo.gl/maps/9FTup7RFbJF2

Kensington Market is also an excellent area with many shops for great vintage and used clothing finds. https://goo.gl/maps/8Dd8xVHomYy

Hope this helps!
Diana

Yes. There is an area not far from where you are staying called "Kensington Market". There are a number of good used/vintage stores all around the area to get a winter coat.
Also, you could locate a "Winners" dept. store downtown and sale price would not be much more than used.
Cheers
Enjoy

You can try the Black Market on Queen Street West. While you're down on Queens Street, you will see some other vintage/second hand stores!

Value Village is great! They're everywhere. Downtown you may also find a Goodwill.