Toronto will get a third area code — 437 —  within two years as the current inventory of telephone numbers is exhausted, says the Canadian Radio-television and Telecommunications Commission.

People getting new telephone numbers after March 25, 2013, may be assigned the new area code, the CRTC said Friday. People who have phone numbers with the current 416 or 647 area codes will keep their existing numbers.

In addition, the CRTC decided to set aside the 387 area code for future use in the city, although no date has been set for when that number will go into use.

Toronto, Canada's largest city with a population of more than 2.5 million, was expected to run out of new phone numbers under the 416 and 647 area codes by July 2015.

The introduction of the new area code in Toronto coincides with the debut of the 365 area code in the region outside Toronto stretching from Oshawa to Niagara. The new code is in addition to the 905 and 289 codes already in use in the area.