Home sales in the Greater Toronto Area (GTA) are continuing their climb as the level of listings is unable to recover from its backslide, creating increasingly tight market conditions.

New data released by the Toronto Regional Real Estate Board (TRREB) on Thursday revealed a total of 7,481 sales for the month of June, which is up 16.5% from one year ago, although down somewhat from the 9,012 sales seen in May. A drop off is normal in the typically less active summer months, but TRREB President Paul Baron argues that home sales were further hampered by “uncertainty surrounding the Bank of Canada’s outlook on inflation and interest rates.”

“Furthermore, a persistent lack of inventory likely sidelined some willing buyers because they couldn’t find a home meeting their needs,” Baron said. “Simply put, you can’t buy what is not available.”

Of the homes that did sell in June, the lion’s share came in the form of detached houses, accounting for 3,377 of the month’s transactions. They were followed by condo apartments (2,122), townhouses (1,233), and semi-detached homes (678). Every housing type saw an increase in sales compared to the same time last year, but condo apartments handily took the lead with a 27.2% jump.

“Going forward, we need to look at all of the factors influencing the household balance sheet and people’s ability to house themselves,” he says.