HMCS Toronto (K538), a River-class frigate, was launched on 18 September 1943 from Davie Shipbuilding in Lauzon, Quebec. She is named for the City of Toronto. She was the first of two frigates bearing this name. She was later (1953) recomissioned in the RCN bearing pennant FFE 319.

• Displacement - 1,370 tons
• Complement - 125 officers and ratings
• Armament
  • 2 x 4-inch guns,
  • 1 x quad 2-pounder
  • 10 x 20 mm Oerlikon
  • Hedgehog
  • Depth Charge throwers and rails
• Sensors - ASDIC, Radar and HF/DF
• Maximum Speed - 20 knots

She was commissioned in May 1944 displaying pennant number K538, and carried a complement of 125 officers and ratings.

Following extensive work-up exercises in the vicinity of Bermuda, the Toronto was transferred to Escort Group 16 which operated out of Sydney, Nova Scotia. From that time until May 1945 she conducted extensive anti-submarine operations in the Gulf of St. Lawrence, for which the ship was awarded the Battle Honour "Gulf of St. Lawrence - 1944."

After completing five months of training near Shelburne, Nova Scotia, Toronto was decommissioned in November of 1945 and placed in reserve. Following a refit and conversion to a Prestonian-class escort in 1953, Toronto re-entered service displaying pennant FFE 319.

In April of 1956, she was transferred to the Royal Norwegian Navy, in which she served as Valkyrien until scrapped in the mid-1970s.

See HMCS Toronto for other ships of this name.