Number of properties put up for mortgagee auction more than doubled in Q1

The resale market remains tepid.

The number of properties put up for mortgagee auction more than doubled year-on-year in the first quarter of the year, as sellers continue to struggle to find buyers in the resale market.

Data from Colliers show that 56 properties were put up for mortgagee auction this year, compared to just 22 properties put up for mortgagee auction in 1Q14.

On a quarter-on-quarter basis, the number of properties put up by mortgagees climbed 19% from 47 properties in Q4.

Residential properties have generally contributed to the lion’s share of the mortgagee listings – at 82.1% of the mortgagee listings this quarter.

The report noted that homeowners who faced difficulties in servicing their mortgages found it challenging to dispose their units in the secondary market due to the ongoing cooling measures, loan curbs, increasing interest rates and the mounting supply of residential units, among others.