Prince George, BC real estate: a panel analysis

This study examines Real Estate valuation in Prince George, BC. Using historic data provided by the Northern BC Real Estate Board, statistical models are developed which will be of value to those interested in the valuation of Prince George property values. A linear hedonic model has previously been developed by Ogwang & Wang ...to predict property pricing using a single year of data from this geographical area. This work builds on the comprehensive treatment of hedonic price theory originally provided by Rosen ...Many other researchers have used hedonic regression techniques in the analysis of real estate pricing however, the use of panel data analysis techniques for real estate analysis has been quite limited. This study will build on the above models and the work of others. Multiple regression panel analysis techniques will be utilized to produce a hedonic mathematical model that is effective at predicting home prices based on multiple input variables. Quality adjusted price indices will also be developed. This study will examine 21 years of sales data for Prince George from 1988 through 2008, and hence will provide a comprehensive macro level view. Economic indicator variables will be included in the models, in addition to housing characteristics alone. This study will provide a valuable tool to homeowners, investors, city planners and real estate professionals to aid in assessing the value of real properties. --P. iii.