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Urban Housing Markets Modelling: Short‐Run Equilibrium Implications

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  • Vladimir Bajic

Abstract

This paper tests for the existence of short‐run equilibrium in the urban housing market in Metropolitan Toronto. The alternative hypothesis is the housing market segmented with respect to locational and structural attributes. We found insignificant differences in attribute prices across hypothesized submarkets. This implies that an unstratified hedonic price regressions model, based on the assumption of short‐run equilibrium, is equally efficient in the analysis of housing prices as a model based on a number of subsamples stratified along lines of segmentation.

Suggested Citation

  • Vladimir Bajic, 1983. "Urban Housing Markets Modelling: Short‐Run Equilibrium Implications," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 11(3), pages 416-438, September.
    • Handle: RePEc:bla:reesec:v:11:y:1983:i:3:p:416-438
    DOI: 10.1111/1540-6229.00299
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    References listed on IDEAS

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    1. Mahlon R. Straszheim, 1975. "An Econometric Analysis of the Urban Housing Market," NBER Books, National Bureau of Economic Research, Inc, number stra75-1.
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