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The Effect of Ontario's Greenbelt on the Price of Vacant Farmland
Author(s) -
Deaton B. James,
Vyn Richard J.
Publication year - 2015
Publication title -
canadian journal of agricultural economics/revue canadienne d'agroeconomie
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.505
H-Index - 37
eISSN - 1744-7976
pISSN - 0008-3976
DOI - 10.1111/cjag.12045
Subject(s) - zoning , endogeneity , legislation , hedonic regression , land values , property value , residential property , agricultural economics , economics , regression analysis , geography , econometrics , land use , economic geography , statistics , mathematics , civil engineering , law , engineering , political science , real estate , finance
A hedonic property regression estimates a difference‐in‐differences coefficient to assess the effect of Ontario's Greenbelt zoning on vacant farmland prices around the Greater Toronto Area. In our analysis on over five hundred property sales between 2002 and 2009 we find some evidence that the Greenbelt legislation negatively influenced vacant farmland values located in close proximity to urban areas. However, the statistical significance of this result is sensitive to the exclusion of smaller parcels and to assumptions regarding endogeneity.