Metodología De Competencias

When using categorical (or dummy) variables, one of the categories is always used as reference. The coefficients of the comparison category in a semi-logarithmic model can then be interpreted as the percentage change in the dependent variable (listing price) when the reference category is converted to the comparison category.

In this study, the ground-level type was selected as the reference group in both cities with the assumption that compared to other types, ground-level stations create the highest level of negative externalities. In other words, when a station and its surrounding tracks are located at ground-level, there are fewer mitigating factors protecting the surrounding properties from externalities created by transit operations.

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4.2.1 Apartments

In the distance model for Toronto apartments, all levels of the subway station type variable were statistically significant. Compared to apartments which their closest TTC subway station was located at ground-level (reference category), apartments that were closest to an underground subway station were expected to have approximately 24.3% higher listing prices. Apartments closest to subway stations that were partially underground and partially at ground-level were expected to have a 19% higher listing price while apartments that were closest to an elevated subway station were expected to be listed at a 17.1% higher price. Apartments closest to an underground but uncovered subway station were expected to be 11.7% more expensive (compared to the reference group).

In final model for Toronto apartments using the buffer variable, all station type categories were statistically significant. Compared to apartment listings that were closest to a ground-level subway station, apartments that their closest subway station was located underground were expected to be 23.7% more expensive. Apartments that were closest to an elevated subway station were in average listed at an 18.4% higher listing price while apartments closest to stations that are partially underground and partially at ground-level were expected to be 18.2% more expensive than the reference group. Apartment listings closest to an underground but uncovered subway station were expected to be 14.7% more expensive (compared to the reference category). In the final distance model for Vancouver apartments, all three categories of the SkyTrain station type were statistically significant. Using apartments that were closest to a ground-level SkyTrain station as the reference category, apartments closest to an underground SkyTrain station were expected to be 28.7% more expensive. Apartments that their closest SkyTrain station was elevated were expected to be 22.8% more expensive while apartments which were closest to a

65 partially underground and partially elevated SkyTrain station were expected to be 19% more expensive. Finally, apartments that were closest to SkyTrain stations that were elevated and covered were expected to be 17.9% more expensive.

In the buffer model for Vancouver apartments, all SkyTrain station types were statistically significant. Using the ground-level types as the reference group, apartments closest to an

underground SkyTrain station were expected to be 28.5% more expensive. Apartments that their closest SkyTrain station was elevated were expected to be 20.9% more expensive while

apartments closest to a partially underground and partially elevated SkyTrain station were

expected to be 17.8% more expensive than the reference group. Apartments closest to a SkyTrain station that was elevated and covered were expected to be 16.4% more expensive.

4.2.2 Single Family Property Listings

In the final model for single family properties in Toronto using the distance variable, all

categories of the subway station type variable were statistically significant. Compared to single family properties that were closest to a ground-level TTC subway station (reference category), single family houses that were closest to an underground but uncovered subway station were 35.2% more expensive. Properties that their closest subway was located underground were expected to be 25.2% more expensive while properties that their closest subway station as partially underground and partially at ground-level were expected to be listed at a 19.1% higher price. Single family properties that their closest subway station was elevated were listed at 5.6% higher.

In the final model for single family properties using the buffer variable, all station types were statistically significant. Their coefficients indicated that compared to the single-family properties

66 that were closest to ground-level TTC subway stations, properties that their closest subway station was underground but uncovered were 34.8% more expensive. Properties that their closest subway was located underground were expected to be 25% more expensive while properties that their closest subway station was partially underground, partially at ground-level were expected to be 19.4% more expensive. Single family property listings that were closest to an elevated station were in average listed at a 4% more expensive listing price compared to the reference group. In the final distance and buffer models for Vancouver single family properties, all SkyTrain station types but the partially underground, partially elevated type were statistically significant. In the distance model, the statistically significant station type coefficients could be interpreted as follows: compared to single family property listings that were closest to a ground-level SkyTrain station (reference category), single family properties that were closest to an underground

SkyTrain station were expected to be 21.7% cheaper. Houses closest to a SkyTrain station that was elevated but covered were expected to be 11.7% cheaper. Single family houses that their closest SkyTrain station was elevated were expected to be 6.8% cheaper.

In the buffer model, compared to houses that were closest to a ground-level SkyTrain station, houses closest to an underground SkyTrain station were expected to be 23.7% cheaper while single family houses closest to a SkyTrain station that was elevated but covered were expected to be 12.9% cheaper. Single-family houses that their closest SkyTrain station was elevated were expected to be 8.2% cheaper.

4.2.3 Townhouses

In the final model for Toronto townhouses using the distance variable, all categories of the TTC subway station type were statistically significant. Compared to townhouse properties that were

67 closest to a ground-level TTC subway station, townhouses that were closest to an underground but uncovered subway station were 60.9% more expensive. Properties that their closest subway was located underground were expected to be 32.2% more expensive while properties that their closest subway station was partially underground and partially at ground-level were expected to be listed at a 25.5% higher price. Properties that their closest subway station was elevated were listed at a 22.1% higher listing price.

In the final model using the buffer variable, all subway station types were statistically significant. Their coefficients indicated that compared to townhouses that were closest to a ground-level TTC subway station, properties that their closest subway station was underground but uncovered were 60.9% more expensive. Properties that their closest subway was located underground were expected to be 33.5% more expensive while properties that their closest subway station was partially underground, partially at ground-level were expected to be 26.3% more expensive. Finally, townhouse property listings that were closest to an elevated station were in average listed at a 23.7% more expensive listing price compared to the reference category.

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