LLOYD, Arthur G. - 1981

Site and Neighborhood Factors Accounting for Variations in Values of Single Family Dwellings in the Halifax-Dartmouth Area

The purpose of this study is to account for variation in property value of privately owned single family dwellings in the Halifax-Dartmouth region of Nova Scotia. I use data from the multiple listing service and begin by producing a map of property values. This aids in generating variables that are intended to explain variation in property value. I use a multiple regression analysis, where the selected variables, representing both site and situational characteristics, are regressed on the asking price, with the results being analysed and the residuals mapped, and discussed. The variables chosen account for 77.2% of total variation in property value with the four most important variables, number of bathrooms, floor area, lot size and zoning, explaining 62.7% of the variance. Geographic or locational factors were shown to be relatively unimportant. The unimportance of distance to externalities can be explained both by the unique characteristics of the study area, and, in the already locational influenced decision to use the land for residential, as opposed to other land uses. It, in itself, is an indication of locational influence. Conclusions are that the method is universally applicable, though the actual results may not be. Suggestions for refinement of the method are made, and practical applications are discussed.