Video of the incident went viral online after it appeared the chair fell on a busy highway.
Police have not publicly named the woman, who allegedly threw several items including two chairs from a high-rise on Bremner Boulevard.
Sgt. Ron Boyce told Radio-Canada that police believe the condo is at 55 Bremner Blvd., and said condo management is working with them.
The investigation is now classified as a "mischief investigation, endangering life".
Police say the woman also threw other items off of the balcony and all of the objects landed in front of an entrance to a condo building in the area.
He said police have reached out to her directly and advised her to turn herself in, but a snowstorm in Toronto has meant her surrender could be delayed.
Last week, the CBC reported on residents of a downtown condo tower who were infuriating their neighbours in a nearby building by throwing trash and liquor bottles, and vomiting from their balconies.
Police have not released the name of the suspect but confirmed to CP24 Tuesday that officers have been in contact with her and are discussing a plan to have her surrender to police.
Police said the incident has prompted dozens of calls.