We present a new model for bubbly cavitating flows. Based on volume-averaged equations, a subgrid model is added to account for a bubble, or multiple bubbles, within each computational cell. The model converges to the solution of ensembleaveraged bubbly flow equations for weak oscillations and monodisperse systems. In the other extreme, it also converges to the theoretical solution for a single oscillating bubble, and captures the bubble radius evolution and the pressure disturbance induced in the liquid. A substantial saving of computational time is achieved compared to ensemble-averaged models for polydisperse mixtures.