It's not so much a question of whether the city would allow it as whether any developer would actually want to build it.
Buildings over a certain height are a logistical nightmare. At some point, so much of the floor space is dedicated to elevators that the floor plates become very inefficient. The only way to make supertalls financially viable is a combination of a) low construction cost, b) high price per square foot, and c) factors other than simple return on investment (e.g., desire to build a landmark as a symbol or attractor of investment). That's how Dubai got their 160-storey tower.
New York has a couple of proposed residential towers that break 100 storeys, but the unit count is very low (often around one per floor -- these aren't cheap), which mitigates the elevator problem.
In Toronto, the sweet spot for return on investment is likely around 50-60 storeys, but we do have a few outliers planned or under construction. 1 Yonge is going to hit 95 storeys, Mirvish+Gehry will be 92, Sugar Wharf will be 90, YSL and The One will be 85, and there are probably others I'm forgetting that are around that range. So the answer is that there's no reason we couldn't build an (approximately) 100-storey condo in Toronto, it's just that it doesn't make sense most of the time.