Condo sales and resales are up in Toronto, putting a strain on existing inventory, according to new findings from real estate consulting firm Urbanation.

A total of 9,932 new condos sold across the Greater Toronto Area in Q1 2017, up 73% year-over-year at a new quarterly high. Record levels of demand and a doubling of new launches compared to last year drove up activity in the first quarter. A total of 6,293 new units hit the market for pre-sale in Q1, compared to 3,061 units a year ago.

With demand continuing to far outpace new supply, the inventory of unsold condos in development dropped 61% annually to 6,481 units — the lowest level during the 15-year condo boom.

Urbanation also found an increase in resale activity within newly completed buildings and more units selling twice within shorter time frames.

 “The shortening of holding periods for some condo buyers is an outcome of the rapidly accelerating market," Urbanation senior vice president Shaun Hildebrand said. “Although the share of short-term condo market participants still appears relatively low, it will be important to monitor the situation closely going forward as market conditions evolve.”