Private condo listings under mortgagee sales grew due to higher mortgage payments arising from growing interest rates.
This chart from Knight Frank shows the number of private condominium listings under mortgagee sales as well as the 3M SIBOR rate for the past five years. There were 57 non-landed residential listings in Q1 2019, up by 26.7% QoQ. The 3M SIBOR rate also rose progressively from 1.448% in Q1 2018 to 1.944%.
Landed residential listings under mortgagee sales also grew by 23.8% QoQ, standing at 26. The number of residential listings from Districts 9, 10 and 11 put up under mortgagee sale also inclined significantly.
Overall, residential listings under mortgagee sales accounted for 52.2% (83 listings) of total mortgagee listings, 69.4% YoY increase, attributed to higher monthly mortgage payments arising from rising interest rates, along with a subdued rental market.
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