Greater Toronto's hot, hot, hot resale housing market hit a new high in the first 15 days of May, registering the biggest mid-month sales total ever with 5,003 transactions reported, an 11 per cent increase over the same period last year.

"All signs point to a very healthy market for the remainder of the spring," said Dorothy Mason, president of the Toronto Real Estate Board, which released the figures this past week. "In terms of activity, this year is about 6 per cent ahead of last year's pace."

This means right now is a good time for anyone diving into the housing market for the first time or wanting to move up the property ladder, Mason said.

"There's a lot of confidence in this market," she added.

The board's figures show the average price of resale houses for the first half of May was $377,612, up 2 per cent over May 2006, which rang in an average price pegged at $369,543.

Separate figures calculating the year-to-date prices show they are up some 5 per cent over the same time last year.

The average time a home spent on the market fell in the first half of May to 28 days from 30 days in April and the ratio of listing to sales price came in at 99 per cent of the asking price, likely fuelled by the bidding wars.

May's first half sales follow hot on the heels of the board's best ever single month total of 9,452 sales in April.

These figures include the highest single day total of 581 sales, registered on April 30.

Sales of single-family dwellings across Greater Toronto were softer in March, with 8,518 sold, down from 8,707 in March 2006.

A strong condo market fuelled a 34 per cent hike in sales in the downtown Toronto and the Harbourfront areas, compared to the 2006 mid-May period.

May's soaring to-date sales figures also included the neighbourhood of Scarborough West Agincourt, where condo sales more than doubled and home sales across the board increased 39 per cent over mid-May 2006.

Mississauga's City Centre neighbourhood posted a 49 per cent increase.

Townhouses and detached homes were big sellers during the first two weeks of May in central Vaughan, which registered a mid-May 2006 to 2007 increase of 59 per cent.