01658837

Component

https://doi.org/10.1177/0361198118774153

A spatio-temporal hedonic price model is developed for the Greater Toronto area to examine the effects of urban configurations and proximity to transit services on housing price. A spatial Durbin panel model is utilized to account for both spatial and temporal autocorrelation. This model is shown to have advantages through its ability to reduce the number of explanatory variables required to obtain a strong fit with empirical data. Analysis is completed for the period of 1996 to 2017 and distinctions are made in housing stock between single-family houses, townhouses, and condominiums. It is shown that heterogeneities exist between the hedonic representations of each dwelling type and that separate models should be employed for each. In all cases, the average income of the community, its distance to the central business district (CBD), and population and employment density are found to be significant factors in the determination of price.

18-00483

English

pp 21-30

2018-12

Transportation Research Record: Journal of the Transportation Research Board

Digital/other

Figures (4) ; References (34) ; Tables (2)

Built environment; Employment; Housing; Population; Prices; Public transit; Urban areas

Hedonic price models; Spatiotemporal analysis

Toronto (Canada)

Economics; Highways; Planning and Forecasting; Public Transportation

TRIS, TRB, ATRI

Jan 8 2018 10:08AM

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