06/04/2014 10:29 EDT | Updated 08/04/2014 05:59 EDT

Toronto house sales rebound in May with prices up 8.3%

Toronto home sales rebounded in May’s warm weather, with number of homes sold at a new high and the average price up 8.3 per cent from last year.

A record 11,079 homes were sold in May, according to figures from the Toronto Real Estate Board, although realtors say there are still an unusually low number of listings, something they’ve seen all spring.

The shortage of supply of resale homes means there is strong competition for properties, TREB reports.

The average price of a Toronto home was up 8.3 per cent from last year at $585,204, compared to $540,544 in May 2013.

"We are now at the peak of the spring market when we generally see the greatest number of sales and the highest average selling prices," board president Dianne Usher said in a written statement.

"Despite strong price growth so far in 2014, many households remain comfortable with the monthly mortgage payments associated with the purchase of a home, as borrowing costs have remained at or near record lows over the past few months," she said.

A detached home in the city of Toronto sold, on average, for $943,055, while in the GTA, average price of a detached home was $648,439. 

The average price for condominium apartments was $401,809 in Toronto and $307,307 in the surrounding region. TREB notes the condo market remains well-supplied because of a large number new projects coming into the market.