Ah, gotcha.
Although, the Italian I have had on the College St. drag hasn't been cheap. Sorry can't come up with any names. It's been a while. We're looking at $20+ mains also adding on apps and wine it's actually kind of spendy. It's funny how I usually eat non Italian food (Portuguese, Japanese, Mexican, pub grub) in Little Italy.
EDIT: I asked a friend and he recommended this place:
http://bellavistatrattoria.ca/ I can't say if it's any good since I haven't been before but they do have a 3 course menu special tonight for $25. I assume other Italian restaurants in the area will offer similar menus since Wednesday is a slow night. Doesn't hurt to walk around and look at some boards.