According to the Toronto Real Estate Board (TREB), there were 8,965 condominium apartment sales reported in the second quarter of this year, representing a 17.4 per cent surge compared to Q2 2015.

“While we have certainly seen a lot of condo construction over the last few years, project completions have not resulted in a glut of inventory,” said TREB President Larry Cerqua in a press release. “Over the past year, we have actually experienced tighter market conditions and accelerating annual rates of price growth.”

In Q2 2016, the average selling price of a condominium apartment was $415,326, which is a 7.1 per cent increase from prices one year ago. The MLS Home Price Index apartment benchmark price increased by 7.9 per cent by the end of the second quarter.

“Similar to the low-rise market segments, we have seen growth in condo sales outstrip growth in condo listings this year,” added Jason Mercer, TREB director of market analysis. “Seller’s market conditions exist for condominium apartments in many parts of the GTA including Toronto’s downtown core. This is why we are seeing average price growth well above the rate of inflation.”