People who say the drywall needs to be cut are wrong.
You can soak drywall forever and if it is dried properly, will come back stronger than it was. You will probably need to paint though.
Report it to your insurance company so that hte proper drying procedures are done by a qualified contractor. They will go after the maintenence people, providing that you are responsible for the damage in your condo unit by-laws. (In Ontario the page which says who is responsible is called the "Schedule B: Standard UNit definitions"). If they don't accept liability right away, you will need to pay your deductible, but you will be the first to get money back if/when the insurance company recovers any.
If there was carpet, it will also be fine, but the underpad should be replaced. If it is another type of flooring it will depend on how quickly it is dried.
I have been an insurance adjuster for over 12 years, feel free to ask me questions if you like.
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