Canadian / U.S. Exchange Rates and Nonresident Investors: Their Influence on Residential Property Values

Earl D. Benson (), Julia L. Hansen, Arthur Schwartz () and Greg Smersh ()
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Arthur Schwartz: University of South Florida St. Petersburg, FL 33701, http://www.usf.edu/
Greg Smersh: University of South Florida St. Petersburg, FL 33701, http://www.usf.edu/

Journal of Real Estate Research, 1999, vol. 18, issue 3, pages 433-462

Abstract: Factors external to a home’s characteristics may influence the sales price. This analysis focuses on Bellingham, Washington, because of several influences including the Canadian economy and nonresidents. First estimated is a constant-quality Bellingham housing price index, which is used as the dependent variable in a reduced-form model of market price to estimate the impact of the exchange rate. The analysis (1984-94) suggests that a 10% rise in the exchange rate leads to a 7.7% rise in Bellingham home prices. Additionally, in 1990, non-county buyers paid 4% to 6% more than county residents and non-county sellers received 6% to 8% less.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1999
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