Condo sales in the GTA have hit a near high sales record in the fourth quarter of 2010, the Toronto Star reports.

According to market research firm Urbanation Inc., about 37,041 units were sold during that period, three per cent short of the all-time high of 38,306 units in 2007.

Urbanation credits new condominium sales with boosting the numbers as new projects increased supply.

Year-over-year sales were up 20 per cent from 2009.

However, the Star report contains a note of caution by comparing the number of new condo starts in 2010 to the number of starts in 1989, when prices were slashed in half at some projects.