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Monitoring Price Behaviour in the Resale Housing Market: A Note on Measurement and Implications for Policy

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  • Arthur J. Hosios
  • James E. Pesando

Abstract

The authors compare their constant-quality index of house prices in Toronto for the period 1974-89 with the standard Multiple Listing Service (MLS) index, which has widely acknowledged limitations. The short-run signals regarding price movements often diverge, and the MLS index suggests a more rapid rate of price escalation. They review the importance of accurate measures of resale prices to the formulation of housing policy, and to the related issue of whether the housing market is efficient.

Suggested Citation

  • Arthur J. Hosios & James E. Pesando, 1992. "Monitoring Price Behaviour in the Resale Housing Market: A Note on Measurement and Implications for Policy," Canadian Public Policy, University of Toronto Press, vol. 18(1), pages 57-61, March.
    • Handle: RePEc:cpp:issued:v:18:y:1992:i:1:p:57-61
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    References listed on IDEAS

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    1. Case, Karl E & Shiller, Robert J, 1989. "The Efficiency of the Market for Single-Family Homes," American Economic Review, American Economic Association, vol. 79(1), pages 125-137, March.
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    Cited by:

    1. Yuan Zhang & Yiguo Sun & Thanasis Stengos, 2019. "Spatial Dependence in the Residential Canadian Housing Market," The Journal of Real Estate Finance and Economics, Springer, vol. 58(2), pages 223-263, February.
    2. Jason Allen & Robert Amano & David P. Byrne & Allan W. Gregory, 2009. "Canadian city housing prices and urban market segmentation," Canadian Journal of Economics, Canadian Economics Association, vol. 42(3), pages 1132-1149, August.
    3. Marion Steele, 1993. "Conversions, Condominiums and Capital Gains: The Transformation of the Ontario Rental Housing Market," Urban Studies, Urban Studies Journal Limited, vol. 30(1), pages 103-126, February.

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