Condo sales are skyrocketing in Toronto right now

Toronto's housing market might be cooling down, but the local condo market looks like it just keeps getting hotter.

According to a new report from condo market research firm Urbanation, 12,138 new condos were sold between April and June 2017, marking a 62 percent increase since this time last year. And it's not just second quarter results that show off this strong trend.

"The 21,968 units sold during the first six months of 2017 surpassed 12-month levels averaged over the past 10 years (19,997 units)," reads the report. Prices per square are also up 10 percent since last year. Among the new units on the market, the average price per square foot was $757.

Explosive first half of GTA new condo market - Our Q2-2017 report is out! https://t.co/BDg4DyrBby

— Urbanation (@Urbanation) August 1, 2017

Pre-construction units also sold well, considering 94 percent of the new 110,772 units across all stages of development were snatched up, according to Urbanation.

Re-sale units, however, took a dip with a four percent decline in sales. Prices also saw a moderate drop.

"The calming of resale prices in recent months and lower potential yields on rental investments due to high prices in new projects should lead to less frenzied demand in the second half of the year," says Shaun Hildebrand, Urbanation’s senior vice president in the report.

Yet, the report indicates that inventory remains low and units aren't sitting on the market for very long.