Authors: Yu (Billie) Zhang*, Department of Civil Engineering, University of Toronto
Topics: Urban Geography, Canada, Spatial Analysis & Modeling
Keywords: Housing price, housing market variation, longitudinal analysis, Toronto
Session Type: Paper
Start / End Time: 1:45 PM / 3:00 PM
Room: Beverly, Sheraton, IM Pei Tower, Terrace Level
Presentation File: No File Uploaded
Housing market regulation and affordable housing provision have long been the pivotal objective for government to improve the overall wellbeing and residence’s life quality. Housing price is determined by a combination of location, housing characteristics, market fluctuation in housing demand and land development, land use policies and other factors. In order to fully capture the determinants of housing price, several models and indexes were developed including hedonic housing price model, repeat sales equation, and local quantile housing price model. Hedonic housing price model constructed the housing price by decomposing housing into serval components: housing could be characterized as a bundle of services that fulfill consumer’s needs, and the housing price could be determined by the attributes of housing. Repeated housing price indicates that the individual housing price could be determined by the its own transaction value and the overall variance trends. Local quantile housing price allows the hedonic model to vary over space. However, the housing price function may be not only heterogenous over space but also different across demographic groups, which is hidden in an aggregated housing price index. One oversimplified housing price function cannot differentiate the group-specific housing price determinants and the sensitivity of the housing price to each factor. In this paper, our major research objective is to allow the housing price function to vary across demographic groups. Specially, we are interested in the housing price stability for each group and the policy implications for housing planning and housing market regulations.