Sales of single-family homes across the region showed a slight increase in May, according to a release from the Toronto Real Estate Board, despite reports that the GTA market has been underperforming.

Multiple Listing Service data shows that there were a total of 10,182 home sales processed in May, particularly in the area covered by the 416 area code, where sales of single detached homes increased by 3% since last year.

“The sales picture in the GTA has improved markedly over the past two months,” said TREB president Ann Hannah. “While the number of transactions in April and May remained below last year’s levels, the rate of decline has been much smaller. A growing number of households who put their decision to purchase on hold as a result of stricter lending guidelines are starting to become active again in the ownership market.”

Also on the rise across the GTA were average sale prices, which increased by 5.4 per cent to $542,174 since May 2012. This growth was driven by a lack of semi-detached and detached homes available for purchase.

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