The Effect of Ontario's Greenbelt on the Price of Vacant Farmland

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...

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Published in:Canadian journal of agricultural economics 2015-06, Vol.63 (2), p.185-208
Main Authors: Deaton, B. James, Vyn, Richard J.
Format: Article
Language:English
Subjects:
Agricultural economics
Agricultural land
Agricultural prices
Canada
Farms
Greenbelts
Impact analysis
Legislation
Ontario
Prices
Property
Real estate sales
Sales
Studies
Values
Zoning
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container_title Canadian journal of agricultural economics
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creator Deaton, B. James
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description 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. Une régression hédonique des propriétés évalue le coefficient de l’écart des différences afin de déterminer les répercussions du zonage dans la ceinture de verdure de l’Ontario sur le prix des terres agricoles vacantes dans la région du Grand Toronto (RGT). Les résultats de notre analyse de plus de cinq cent ventes de propriété au cours de la période de 2002 à 2009 montrent que la valeur des terres agricoles situées à proximité de zones urbaines augmente moins rapidement lorsque ces terres sont situées à l'intérieur plutôt qu’à l'extérieur de la ceinture de verdure. Toutefois, la signification statistique de ces résultats est sensible à l'exclusion des petites parcelles et aux hypothèses concernant l'endogénéité.
doi_str_mv 10.1111/cjag.12045
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source EconLit s plnými texty; International Bibliography of the Social Sciences (IBSS); Wiley; PAIS Index
subjects Agricultural economics
Agricultural land
Agricultural prices
Canada
Farms
Greenbelts
Impact analysis
Legislation
Ontario
Prices
Property
Real estate sales
Sales
Studies
Values
Zoning
title The Effect of Ontario's Greenbelt on the Price of Vacant Farmland
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