In terms of old-school appeal and the tradition that goes along with Carmen's, I would go for either Seniors or House of Chan. I prefer Seniors for the steak and my husband prefers the other. Seniors is not as formal as Carmen's but really, all the do is steak and they do it well vs. Chan which also does chinese food. And although Seniors may look a little cheap and run down, on any given night you will find some of the "old boys" of Toronto chowing down there. A hidden classic, IMHO.
I personally like Hy's.
I went to harbour sixty a while back for a friends birthday. I felt like I had been robbed when I left, truly left with a sick feeling in my stomach. Dinner was ridiculously expensive, the food was good I give it that but nothing that justified the insane bill that we received.
Carmen's was not cheap despite its touted "all-inclusive" meals which, imho, had deteriorated significantly from its glory days. Certainly I remember fondly many happy dinners there in the 70's and 80's - but three recent experiences had made me regret the time capsule was still in business.
You could eat very well at Barberian's, Elm just W of Yonge, for about the same price if you order judiciously. They too offer really good garlic toast and a plate of relishes. Their atmosphere is not as tacky - Group of Seven paintings rather than beer steins decorate its walls ! and a world-class wine list. But it is family run, low ceilinged, friendly and unpretentious.
Down a notch would be Senior's at Pleasant Blvd , upstairs 1 block S of St Clair just E of Yonge. Again family run, relishes and garlic toast presented ad lib with the bonus of a toothsome greek salad also on the house; good steaks - no Group of Seven and none of Aaron B's famed wine list, but a pleasant family-style dining room with happy, relaxed service and low-cost wines.