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The Influence of Canadian Investment on U.S. Residential Property Values

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Abstract

This study is an examination of the impact of foreign investors on an American residential real estate market. Point Roberts, Washington, a real estate market that is dominated by Canadians, is the focus of the analysis. Utilizing a ten-year database of home sales, the empirical analysis suggests that the Canadian/U.S. dollar exchange rate and market conditions in nearby Vancouver, British Columbia, strongly influence Point Roberts residential property price levels. A rising Canadian dollar seems to motivate increased demand for Point Roberts property by Canadian investors, for example. The sensitivity of real estate prices to exchange-rate changes appears to be a three-to-six-month lagged function. In general, it appears that a higher Canadian dollar will increase the Canadian demand for Point Roberts real estate which, in turn, leads to higher transaction prices. In addition, transaction prices in Point Roberts are slightly more volatile than are prices in the Vancouver market.

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File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol13n03/v13p231.pdf
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Bibliographic Info

Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

Volume (Year): 13 (1997)
Issue (Month): 3 ()
Pages: 231-250

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Handle: RePEc:jre:issued:v:13:n:3:1997:p:231-250

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Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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Web page: http://www.aresnet.org/

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Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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  1. Palmquist, Raymond B, 1980. "Alternative Techniques for Developing Real Estate Price Indexes," The Review of Economics and Statistics, MIT Press, vol. 62(3), pages 442-48, August.
  2. Bradford Case & Henry O. Pollakowski & Susan M. Wachter, 1991. "On Choosing Among House Price Index Methodologies," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(3), pages 286-307.
  3. Joe Peek & James A. Wilcox, 1991. "The measurement and determinants of single-family house prices," Working Papers 91-7, Federal Reserve Bank of Boston.
  4. Halvorsen, Robert & Palmquist, Raymond, 1980. "The Interpretation of Dummy Variables in Semilogarithmic Equations," American Economic Review, American Economic Association, vol. 70(3), pages 474-75, June.
  5. Clapp, John M & Giaccotto, Carmelo, 1992. "Estimating Price Trends for Residential Property: A Comparison of Repeat Sales and Assessed Value Methods," The Journal of Real Estate Finance and Economics, Springer, vol. 5(4), pages 357-74, December.
  6. Gatzlaff Dean H. & Ling David C., 1994. "Measuring Changes in Local House Prices: An Empirical Investigation of Alternative Methodologies," Journal of Urban Economics, Elsevier, vol. 35(2), pages 221-244, March.
  7. Donald R. Haurin & Patric H. Hendershott, 1991. "House Price Indexes: Issues and Results," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(3), pages 259-269.
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Cited by:
  1. Earl Benson & Julia Hansen & Arthur Schwartz & Greg Smersh, 1999. "Canadian / U.S. Exchange Rates and Nonresident Investors: Their Influence on Residential Property Values," Journal of Real Estate Research, American Real Estate Society, vol. 18(3), pages 433-462.
  2. Seong-Hoon Cho & Dayton Lambert & Seung Kim & Roland Roberts & William Park, 2011. "Relationship between value of open space and distance from housing locations within a community," Journal of Geographical Systems, Springer, vol. 13(4), pages 393-414, December.

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