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what can I expect to receive if I have a good indoor antenna?
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It depends, mostly on the building materials used in the construction of the condo. It will be anything from "nothing" to "not much" to "something".
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Would having an outdoor multibay antenna on the balcony facing back through my unit penetrate through the walls to get signal from the CN Tower/Buffalo?
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Antennas don't penetrate anything. The radio signals must penetrate the building materials and hopefully have enough signal power and quality to to be received and decoded.
Steel and concrete buildings with low-E glass within VISUAL range of towers can have opposite-facing units where reception simply doesn't exist, all the signal gets attenuated before reaching the unit on the "wrong" side of the building. Been there, done that.
Realistically, predicting your reception is impossible, you'll simply have to try it and see what you get.