The Effect of Ontario's Greenbelt on the Price of Vacant Farmland

Deaton, Brady J.; Vyn, Richard J.

doi:10.1111/cjag.12045

Cited by 12 publications

(9 citation statements)

References 19 publications

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“…For example, Lynch, 2001 andLynch et al, 2007, provided evidence of reduced land values of preserved parcels in Maryland. A similar result was found in the close proximity of Toronto by Deaton and Vyn, 2015. This recent evidence contrasts with that from Henneberry and Barrows, 1990, who found both negative and positive effects of agricultural zoning on farmland prices.…”

Section: The Value Of Public Policiessupporting

confidence: 54%

The Informational Content of Land Price and its Relevance for Environmental Issues

Latruffe

2017

IRERE

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As the support of human and natural activities, land is a resource of major interest both for environmental and socioeconomic issues. Research aimed at improving land management and conservation has long recognized the need to integrate both issues, but a consensual and consistent framework is still lacking. We argue that land price could be one of the possible links here, as a consistent proxy for some of the multiple dimensions of values that people put on land resources. We present the elementary economic theory about land price, namely the present value model, and we review the abundant empirical literature using this classical theory to study the informational content of land price. We then propose a typology of this literature, highlighting its strengths and weaknesses, in order to guide future environmental research which aim at drawing out some socioeconomically oriented policy recommendations.

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Section: The Value Of Public Policiessupporting

confidence: 54%

The Informational Content of Land Price and its Relevance for Environmental Issues

Latruffe

2017

IRERE

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“…Third, the sales data include properties within Ontario's Greenbelt, a land‐use policy implemented in 2004 that prohibited development of farmland around the Greater Toronto Area. This policy was found to impact farmland values in areas of the Greenbelt within 10 km of the GTA (Deaton & Vyn, 2010, 2015). To avoid potential bias from these impacts, sales of farm properties that are within the Greenbelt and within 10 km of the GTA are excluded from the data set.…”

Section: Methods and Datamentioning

confidence: 99%

Prices paid for farmland in Ontario: Does buyer type matter?

Vyn

Shang

2020

Canadian J Agri Economics

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In the wake of the substantial increases in farmland values that have occurred in Ontario since 2008, concerns have been expressed regarding the potential influence of nonfarmer buyers, such as investment companies and foreign buyers, on prices paid for farmland. To examine whether these concerns may be warranted, this paper estimates the impact of nonfarmer buyers on sale prices for farmland in Ontario, using a hedonic approach and farmland sales data from 2002 to 2016. Analysis is also conducted to determine whether marginal implicit prices of specific farm attributes differ between farmer buyers and nonfarmer buyers. The results indicate that nonfarmer buyers have paid higher prices for farmland, but only in near‐urban areas. In addition, differences in marginal implicit prices for farmland attributes are found, where farmer buyers value more highly attributes related to the agricultural productivity of the property while nonfarmer buyers value more highly attributes related to nonagricultural use. These results imply that the higher prices paid by nonfarmers may be attributable to the bid‐rent theory, as nonfarmers may be bidding more than farmers for farmland in near‐urban areas due to higher expected returns from future urban use of the land.

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“…The data set includes properties that may be affected by Ontario's Greenbelt, which was implemented in 2004 to protect farmland and environmentally sensitive land from urban development around the Greater Toronto Area (GTA). Deaton and Vyn (2010, 2015) found that the value of farm properties in the Greenbelt within 10 km of the GTA were negatively impacted. To avoid potential bias from these impacts, as well as to avoid the inclusion of properties that are less likely to have been sold for agricultural purposes, sales within 10 km of the GTA are excluded from the analysis.…”

Section: Datamentioning

confidence: 99%

“…Studies on farmland values have explored the impacts of a variety of policies. A prominent topic in the literature has been the impacts that land use regulations, such as farmland preservation policies, have on farmland values (Lynch, Gray, and Geoghegan 2007; Deaton and Vyn 2010; Liu and Lynch 2011; Deaton and Vyn 2015; Eagle et al 2015). While these policies tend to have direct impacts on farmland values, there are other types of policies for which impacts on farmland values occur indirectly.…”

mentioning

confidence: 99%

The Influence of Supply Management on Farmland Values in Ontario

Vyn¹,

Rude²

2019

Applied Eco Perspectives Pol

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Supply management programs for Canada's dairy and poultry sectors are intended to reduce price volatility and provide fair returns for producers. However, the reduced risk and higher returns for these producers may contribute to higher farmland values. This paper estimates the impact of supply management on farmland values in the Canadian province of Ontario using a hedonic approach based on over 25,000 farmland sales. The results indicate that farmland values have been positively impacted by supply-managed livestock density. In addition, a recent policy change-a cap on the price of dairy quota-is found to further contribute to increased farmland values.

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The Effect of Ontario's Greenbelt on the Price of Vacant Farmland

Cited by 12 publications

References 19 publications

The Informational Content of Land Price and its Relevance for Environmental Issues

The Informational Content of Land Price and its Relevance for Environmental Issues

Prices paid for farmland in Ontario: Does buyer type matter?

The Influence of Supply Management on Farmland Values in Ontario

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