Bloomberg via Getty Images Condominiums along Toronto's waterfront, on Friday, May 26, 2017. Urbanation says the city saw a massive spike in new condo sales in the second quarter of the year.

The housing market in Greater Toronto is slowing down, with sales dropping and prices falling as Ontario's new housing rules make their impact felt. But that's home resales. The new condo market, somehow, is an altogether different story. Market research Urbanation reported an "explosive" first half of the year for new condo sales, with prices up by double digits and and sales hitting another all-time high. There were 12,138 new condos sold in the second quarter of this year, up an incredible 62 per cent from a year earlier, Urbanation reported. The average selling price of $757 per square foot is 28 per cent higher than a year ago.

Urbanation Greater Toronto saw a spike in condo sales in the first half of 2017.