Economic and Social Attributes of Sold Homes Inside a House Price Bubble in Two Inner-City Neighbourhoods since 2020

Abstract

The types, times and locations of sold homes during a house price bubble are compared with those observed before the bubble in a neighbourhood. Hypotheses are about homes’ different prices, attributes, times sold, locations, and social utilities. Economic and social data for sold houses in two inner-city neighbourhoods in Windsor, ON, are statistically analyzed and mapped. A hybrid housing price model’s statistically significant coefficients for time of sale or resale predict the beginning of a house price bubble at a conversion point in early 2020 in the neighbourhoods. The hybrid model’s additional coefficients for home and neighbourhood attributes confirm that bubble higher house prices exceeded predicted gains from home improvements or neighbourhood changes. Sold houses during the bubble were more likely repeated and sooner resales of slightly less desirable single-detached(-like) houses from a resident’s point of view than those before it. Bubble prices of some homes and not others should clarify policymakers’ post-bubble priorities.