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June home sales in GTA up from last year but lack of supply led to tighter market conditions: TRREB

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The number of homes sold in the Greater Toronto Area last month was up from a year ago but was down from last May as buyers continue to face a lack of inventory.

Figures released by the Toronto Regional Real Estate Board on Thursday show realtors reported 7,481 sales in the month of June compared to 6,422 the same time last year and 9,012 the previous month.

"Furthermore, a persistent lack of inventory likely sidelined some willing buyers because they couldn't find a home meeting their needs. Simply put, you can't buy what is not available." While sales saw a 16.5 per cent year-over-year increase, the number of new properties that were listed last month was down by three per cent compared to the previous year, according to the TRREB.As a result, the board said market conditions were tighter last month compared to the same time period a year ago.

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