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

Earl Benson, Julia Hansen, Arthur Schwartz and Greg Smersh

Journal of Real Estate Research, 1999, vol. 18, issue 3, 433-461

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.

Date: 1999
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DOI: 10.1080/10835547.1999.12091005

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