One of greatest jumps in sales occurred in the city itself, with sales up 26% from 3,298 in the third quarter of 2010, compared to 4,156 this past quarter. In the Halton region, sales were up 42% from 62 last year up to 88 this year.

Recent reports have warned that the condo market was being overbuilt in Toronto, but there has yet to be any slowing yet.

“Condominium apartments have accounted for about one-quarter of total existing home sales in the GTA this year. This share is expected to increase moving forward, as new home sales and construction has become increasingly driven by high-rise construction,” said TREB President Richard Silver.

Condo prices were up 9% in the Toronto area, rising from $306,134 in the third quarter last year to reach $333,352 this past quarter.

“The average annual rate of price growth remained strong in the third quarter, despite the upward trend in completions and active listings. This is because the pace of sales remained brisk, keeping sellers' market conditions in place," said Jason Mercer, TREB’s senior manager of market analysis.

As with sales, the largest in average condo price was in Halton, where the price rose 16.1% in the third quarter compared to a year earlier, from $255,024 to $296,067. Only the Durham region saw a price drop in condos, going from $201,978 to $201,503.

The average condo in the city of Toronto sold for $356,182 in the third quarter, up 8% from $329,917 for the same period a year earlier.