New Toronto Condominium sales declined in the GTA by 8 per cent in the second quarter of 2010 to 4,991 compared to 5,541 in the first quarter.

According to Condo market research firm Urbanation, it was the first time second quarter sales declined from the first, since 1994 (16 years).

Currently there are 272 active new Condominium Projects with another 20 new Condo projects to be released in the third quarter.

The total new supply of Toronto Condominiums will be 19,000 units for 2010 resulting in a lot of these Condos coming on to the market all at once.

The average price for new Toronto Condos was $529 per square foot in the second quarter, up 12 per cent from a year earlier.

In the Toronto 416 area, the average new Condominium price was $639 per square foot.

Pricing in the existing Toronto Condo resale market was an affordable $369 per square foot due to more supply keeping the average prices more affordable.

Pictured above is one of the many new Toronto downtown Condos, The Casa Condominiums, located in the demand Yonge and Bloor area.