[WrkInProgress]

Condominium in Ontario (Toronto is in Ontario) is a form of ownership, it had nothing to do with the physical form of the home.

You can own a condominimum townhouse (a row of single family homes with front yard, driveways, garage attached by common walls) or a condominium apartment (in say a 30 storey building with 10 parents per floor)

And yes, you can rent out a condominium apartment. Approx 60 % of the rental units in the Greater Toronto Area are condominium apartments.