Table 2
House values (in logs) as a function of income, mortgage costs, terms of trade and macro-economic conditions

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House values (in logs) as a function of income, mortgage costs, terms of trade and macro-economic conditions: Part 1
Independent variables Estimates
  coefficient t-stat p-value
Constant 3.69 2.8 0.006
Mean household income in logs 0.37 2.7 0.008
Mortgage cost -0.20 -3.1 0.002
National employment rate 0.03 9.4 0.000
Terms of trade measured at the provincial level 0.01 17.4 0.000
Interaction of mean household income with  
Halifax 0.43 2.3 0.024
Montreal 0.42 2.0 0.050
Ottawa 0.46 3.1 0.002
Toronto 0.44 2.7 0.008
Winnipeg 0.37 2.4 0.017
Regina 0.49 3.6 0.000
Saskatoon 0.46 3.3 0.001
Calgary 0.39 2.9 0.005
Edmonton 0.27 1.9 0.065
Vancouver 0.34 1.0 0.315
House values (in logs) as a function of income, mortgage costs, terms of trade and macro-economic conditions: Part 2
  Diagnostic statistics
Number of observations 1,116
R-squared 0.932
Note(s):
The base outcome for the interaction terms is St-John's, Newfoundland and Labrador.
Source(s):
Census of population (2006).