Townhomes are in short supply and of course we were in multiple bids...but we kept our "eyes on the prize" and we prevailed!!

Another RECORD BREAKING month for the GTA!!  Here are the highlights..

*Sales UP 9% compared to January 2011

*Average sale price UP 9% compared to Jan 2011

*New listings UP BY 8%(JILL'S THRILL!)  BUT....total listings DOWN by 10% (JILL'S PILL!!) and that's because the ABSORPTION RATE of new listings is sooooo fast that we net out with still not enough inventory to satisfy our hungry crowd of buyers!

*average Days on Market this year is 32 compared to 36 last year and in some areas of the city there are only 1.4 months of inventory...where 4 to 5 months are needed to have a balanced market!

*But let's drill down further....look at these numbers!

Average sale price for a DETACHED home:   in GTA  is  $586K

                                                                      in City  is  $743K

                                                                      in CORE is $1,151K  YIKES!

Average Sale price for CONDO:             in GTA is $321K

                                                               in City is $343K

                                                               in CORE is $407K

So for you first timers....affordability and choice/supply IS out there...if you're looking for a Condo.

BOTTOM LINE:  Toronto is still affordable as long as INTEREST RATES stay historically low...and we see NO CHANGE there for the foreseeable future.  What you MAY see...is a further tightening of qualifying for a mortgage....ie: lenders may decide that 25% is the qualifying level for a conventional mortgage....I think this is just fine...it protects us from ourselves....WHAT DO YOU THINK??

...and we like this one EVEN BETTER than the one that "got away" in multiple bids!!  And sometimes you have to lose one to actually get the one that's right for you.  We saved a big pot of money because we found a great place for LESS MONEY AND we were so quick to get in our offer that we beat everyone to the punch and were able to get our town home for UNDER THE ASKING PRICE!! WIN/WIN/WIN!  Love it when a plan comes together!  Do you need someone to help you as well??

.....when all through the house....OH right!  That was the night I sold our great condo on Bayview over the ask and with more than one offer!  My clients had SUCH A HAPPY NEW YEAR!!

December brought a finale to 2011...and delivered the SECOND BEST YEAR IN SALES IN THE HISTORY OF THE TORONTO REAL ESTATE BOARD!  So this year has been one of THRILLS as opposed to PILLS! .....for sellers!  For those buyers who were able to find and purchase their dream homes in 2011...HUGE CONGRATS!  For those who didn't get to that crowded offer table on time....we'll do it in 2012!!  Here's how the intel breaks out in the GTA: