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A hedonic property regression estimates a difference‐in‐differences coefficient to assess the effect of Ontario's Greenbelt zoning on vacant farmland prices around the Greater Toronto Area. In our analysis on over five hundred property sales between 2002 and 2009 we find some evidence that the Greenbelt legislation negatively influenced vacant farmland values located in close proximity to urban areas. However, the statistical significance of this result is sensitive to the exclusion of smaller parcels and to assumptions regarding endogeneity.
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Deaton et al. (2014) studied this question.
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