The film festival in September gets the city's film fanatics crazy - people flock to the theatres for the premieres of the most popular films, and the stars come to Toronto - for best chances to see stars, hang around the Yorkville aread: Inter Continental, Four Seasons, Windsor Arms are the hotels to watch out. Sotto Sotto and Josos with the good old fashioned Bistro 990 (at 990 Bay street) both feed the stars, the Rain and Monsoon may also get some, but you probably cannot get into the Rain (Nelly Furtado did not get to her own award party - it is that exclusive...).
Toronto festival also features some less well-known films, such as things from my home country Finland, and not just the Kaurismäki's which someone might actually have heard of!
Check their website to see what's on next time!
http://www.e.bell.ca/filmfest/