Absolutely! There are lots of choices in Downtown MTL and across lots of price ranges. I tended to stay in the less than $30/pp for dinner and less than $15/pp for lunch as I was a student in those good old days (up til last month).
For Chinese, I recommend without hesitation Restaurant PM on Ste Catherine corner St. Marc. The Japanese tofu with pork and eggplant is divine, to die for, etc! In Chinatown, dim sum at Kam Fung is good, but nothing out of this world.
For a nice French meal at a good price, I recommend Restaurant Paris (across from PM) and Bistro Gourmet (de Maisonneuve corner St Marc) or L'Express on St Denis.
Great meals have consistently been had at Piton de la Fournaise, which is Mauritian and great for the prix fixe (on Duluth, east of St Denis); Le Taj for somewhat upscale Indian at great prices (on Stanley (I think), at Sherbrooke). The dinner deal there for $30 is amazing.
I also like Kanda's for decent all-you-can-eat sushi on Bishop and de Maisonneuve. I would also recommend that you have at least 1 middle eastern meal while in MTL as it has a huge Arab population. The best shawarma is considered to be at Boustan's at the corner of de Maisonneuve and Crescent. I also recently had hit and miss dinners at Pied de Cochon, a CH fav in Montreal. If you stick with lots of appetizers and the pork knuckle, you won't be disappointed.
While in Montreal, you also have to have brunch - and there are many options for that but I tended to enjoy the chains most, for some reason - and a poutine. Don't go to Banquise, which many think is best in town, but kind of turned me off poutine recently. Instead, go to one of the great "fast food" options. My favorite is the Belle Province on Peel, south of Ste Catherine. Order yourself a large poutine classique and two hot dogs, all dressed. You'll be in heaven, greasy heaven, in three bites and will love all of it, guaranteed!
Finally, if you're going to treat yourself, I think that there are only two choices in town that are worth the money and have a Montreal twist to their food. La Chronique is spectacular for the price (around $70 pp without booze) and Toque was divine and hit the wallet hard (around $170 pp with booze, which ain't cheap there!).
Hope this helps!