This is starting to get interesting, as I have always been interested in the stability of the Toronto condo (and housing) market. It all hinges on the amount of strung-out speculators in the market. So far rents are holding, but the upcoming layoffs in the financial district look to change this.
If there is a high degree of speculation, as in the 80's, then there will be quite the crash, as people become desperate to sell. Right now, the condo market continues to defy gravity, and it is so fascinating!