Sales of new Toronto Condos in the second quarter were up 223 per cent from the first quarter sales according to Urbanation Inc. a market research firm.

New Toronto Condo sales were 2,963 compared to only 917 in the first quarter of 2009.

There is a possibility that the New Toronto Condominium Market has finally hit bottom however, there are still 35,618 Condo units under construction in the Greater Toronto Area.

Average sales for Condos in Toronto and area are 10,000 to 13,000 units annually, so there is now a three year supply for sale.

The average price for new Toronto Condos was $474,000 compared to $326,000 in the Toronto resale market.

 Toronto resale home prices are trending higher, since January 2009 , a positive sign that the Toronto Real Estate Market is heading to pre-recession levels.