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The country’s two largest housing markets also remain its hottest.

Toronto’s existing housing market shows no signs of a slowdown in price growth but a shortage of supply is having an impact on overall sales numbers.

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The Toronto Real Estate Board said Wednesday there were 11,706 sales in May, a 6.3 per cent gain from a year earlier. Prices also continue to climb with the average sale price across the region up 11 per cent from a year ago to $649,599.

“It is clear to me that ownership housing remains top of mind as a quality long-term investment for GTA households. This is why, despite a shortage of listings in some market segments, we experienced a record number of sales,” said Paul Etherington, president of the board, in a statement.