Methodology · econometrics
Evidence from a Daily Panel of 273,265 Quebec Listings
The paper studies price discovery and liquidity in the Quebec used-car market with a daily panel of 273,265 dealer listings observed by the aggregator Auto-Ka between 12 August and 1 November 2026, with every asking-price change and listing disappearance recorded about seven times a day. Hedonic models with flexible…
Monthly municipal indices for Quebec from 770,000 registered sales, 2021–2026
This paper develops and evaluates SHARP-HPI, a framework for monthly quality-adjusted housing price indices at the municipal level in thin markets. Stage one is a robust pooled hedonic regression with fine-scale location fixed effects, smoothly time-varying quality prices and provincial month effects; stage two models…
Evidence from 391,000 Single-Family Transactions in Quebec, 2021–2026
The sales comparison approach is the dominant method of residential valuation, yet its operating rules — how many comparables to use, how far and how far back to search, which adjustments to apply, how to weight and reconcile — rest largely on professional convention. This paper subjects these rules to a…
Hedonic house-price models are bounded by the characteristics an analyst can measure, yet much of a home's value is recorded only in the free-text description and photographs of its listing. This paper treats general-purpose AI models as a feature-engineering technology: a large language model converts each…
A Systematic Assessment of Hedonic Specifications and Estimation Methods for the Quebec Housing Market, 2021–2026
Fifty years after Rosen (1974), applied hedonic practice still rests on specification choices (functional form, temporal controls, spatial controls, estimation method) that are made by convention and rarely stress-tested jointly. Using 514,212 Quebec residential sales (2021–2026) whose structural descriptors come from…
Decomposing the Value of Structure and Location across 142,121 MLS Listings with High-Dimensional Neighbourhood Fixed Effects
This paper estimates a national hedonic price function for the Canadian residential market on a cross-section of 142,121 active MLS listings from nine provinces. A semi-logarithmic specification relates the log list price to structural attributes, dwelling type and ownership form, and 1,155 absorbed neighbourhood…
This paper examines the relationship between short-term rental (STR) activity and residential rents in Quebec, Canada, using a 2026 cross-section of 3,456 Airbnb listings and 8,303 residential rental listings with precise coordinates. For each rental listing the number of Airbnb listings within 250 m, 500 m, 1 km and…
This paper estimates hedonic price functions for a province-wide cross-section of Airbnb listings in Quebec, Canada, from a scrape of 5,000 listing cards collected in early 2026 (3,456 with a displayed price). The displayed price field is bimodal: about 28% of priced listings, mostly small Montreal rental units, show…
This paper compares econometric and machine-learning approaches to hedonic housing valuation on 788,842 active Zillow listings covering all 50 U.S. states and the District of Columbia, and asks how much of the machine-learning advantage survives when models must price homes in markets they have not seen. A semi-log…
Broker-written listing descriptions contain information about housing quality that structured hedonic variables omit. This paper proposes an interpretable way to use that information: sentence-transformer embeddings of 17,087 single-family listings from Quebec are projected, by cosine similarity, onto 20…
Hedonic regressions estimated at the conditional mean impose a single implicit price for each housing attribute across the price distribution. This paper asks whether the capitalisation of neighbourhood amenities into Quebec residential asking prices varies along the conditional price distribution, and whether it…