I live right around the corner from this place and it seems pretty solid:
http://www.hamilton.ca/HealthandSoci...entHousing.htm
Very reasonably priced bachelors and everyone living there is a Mohawk or Mac student. Vacancies seem few and far between though so you should get on the list now if you're interested.
The bus stop is one block away and the buses are fairly frequent. Its about a 15 min ride to campus.
Otherwise, try the countless apartment buildings around the same area. The bachelors are quite reasonably priced.