I'm a 20 year old looking to move to Toronto. I have three years experience in multiple forms of Food Service. If I were a Canadian Citizen I would have a good chance of finding a job in this industry, however one needs a job offer and a sponsor to apply for a work permit. I'm wondering if there would be a decent chance of me being able to find a place that would allow me to apply for a work permit, and if so would there be a decent chance of that permit being approved.

It's impossible to answer this in a general way. If there is a Canadian employer that has made a genuine effort to fill this type of position with a Canadian and has been unable to do so, then they may be willing to make an offer to a foreign worker, and the case may have a reasonable chance of success. There are many complexities beyond this, but it is the only way to generally address the question.