Canadian city housing prices and urban market segmentation
研究了1985至2005年加拿大城市房价的长期关系及城市特定变量对房价的影响，发现房价长期弱相关且与利率脱节，而工会工资和建筑许可与房价正相关。
Abstract This paper provides a detailed empirical analysis of Canadian city housing prices. We examine the long‐run relationship between city house prices in Canada from 1985 to 2005 as well as idiosyncratic relations between city prices and city‐specific variables. The results suggest that city house prices are only weakly correlated in the long run and that there is a disconnect between house prices and interest rates. City‐specific variables such as union wage levels and the issuance of building permits tend to be positively related to existing city house prices. Surprisingly, there is mixed evidence with respect to standard measures of economic activity such as per capita GDP and interest rates.