This paper proposes a new phase vocoder based method for shape invariant real-time modification of speech signals. The performance of the method with respect voiced and unvoiced signal components as well as some control strategies for the voiced/unvoiced balance of the transformed speech signals will be discussed. The algorithm has been compared in perceptual tests with an implementation of the PSOLA algorithm demonstrating a very satisfying performance. Due to the fact that the quality of transformed signals remains acceptable over a wide range of transformation parameters the algorithm is especially suited for real-time gender and age transformations.