I think it is true that, at least, Toronto does well with theorists. I cannot say how well they have done recently (hopefully better than most other programs...) but it is known for being an extremely impressive theory department (coupled with the philosophy department, damn!). For theorists looking, I would suggest this website--it was incredibly helpful when writing SoPs--(if you don't know it already): www.politicaltheoryprograms.info
From here it seems Toronto places well in the North America--now, not like HYPetc.--but still well considering the state of theory. The list below illustrates that it is a great degree if you want to stay in Canada, but there is some movement in the US from Toronto (not R1 Unis, more SLACs):
Alberta, BC, UBC, Calgary, Carleton, Georgia State, McGill, Northern Illinois, Ottawa, TAMU, Toronto, UT Austin, WashU, York, AND this year, a Toronto ABD got a VAP at Bowdoin.
So, as always, go to the best program you can. But, unlike other sbfields, keep in mind that theory is less constrained by borders.