Toronto’s housing market is heating up again after home sales last month came in higher than in May of last year with prices edging closer to the highs experienced during the pandemic.

The latest report from the Toronto Regional Real Estate Board says May’s home sales were at 9,012, up 25 percent from a year earlier and 20 percent from April of this year.

At the same time, supply is not keeping up with demand as new listings were still well below levels during May of 2022.

The average price of a home in the GTA last month was $1,196,000 million, about one per cent lower than it was in May 2022 but up close to four per cent from April 2023.