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Factors Affecting Residential Property Values in a Small Historic Canadian University Town

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  • Janmaat, John A

Abstract

The town of Wolfville, Nova Scotia is a small historic community, economically dominated by Acadia University. It is located on the north slope of a ridge, affording views of the Minas Basin, at the eastern end of the Bay of Fundy. The upper boundary of the town is a major provincial highway. A set of sound level observations was used to generate average and peak sound level profiles for the town. Average and peak sound level, as well as presence of a view were included in a hedonic regression of property values. View and average sound level were not statistically related to home price. However, peak sound level is priced, with a one decibel increase reducing the average house price by about two percent. Beyond conventional variables such as age and living space, the zoning classification of the property was found to be highly significant, with homes zoned for single family residential only commanding the highest price. Given the high population of student tenants in Wolfville, tenants unlikely to live in areas zoned single family residential, these results suggests that rental externalities - either due to student tenants or landlord practices - are having a strong negative impact on property values.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 6145.

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Date of creation: 10 Jan 2007
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Handle: RePEc:pra:mprapa:6145

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Keywords: Hedonic regression; noise pollution; zoning; segregation;

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  1. Courant, Paul N., 1976. "On the effect of fiscal zoning on land and housing values," Journal of Urban Economics, Elsevier, vol. 3(1), pages 88-94, January.
  2. Jon P. Nelson, 2004. "Meta-Analysis of Airport Noise and Hedonic Property Values," Journal of Transport Economics and Policy, London School of Economics and University of Bath, vol. 38(1), pages 1-27, January.
  3. Cropper, Maureen L & Deck, Leland B & McConnell, Kenneth E, 1988. "On the Choice of Functional Form for Hedonic Price Functions," The Review of Economics and Statistics, MIT Press, vol. 70(4), pages 668-75, November.
  4. Ohls, James C. & Weisberg, Richard Chadbourn & White, Michelle J., 1974. "The effect of zoning on land value," Journal of Urban Economics, Elsevier, vol. 1(4), pages 428-444, October.
  5. Wang, Ko & Grissom, Terry V. & Webb, James R. & Spellman, Lewis, 1991. "The impact of rental properties on the value of single-family residences," Journal of Urban Economics, Elsevier, vol. 30(2), pages 152-166, September.
  6. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
  7. Mats Wilhelmsson, 2000. "The Impact of Traffic Noise on the Values of Single-family Houses," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 43(6), pages 799-815.
  8. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132.
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