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1% ============================================================================2% UQO Working Paper No. 13% Heterogeneous Amenity Capitalization in the Quebec Residential Market:4% A Spatial Quantile Regression Approach5% ============================================================================6\documentclass[12pt,letterpaper]{article}78% --- Encoding & Language ---9\usepackage[utf8]{inputenc}10\usepackage[T1]{fontenc}11\usepackage[english]{babel}1213% --- Page Layout ---14\usepackage[15 letterpaper,16 top=1in,17 bottom=1in,18 left=1in,19 right=1in,20 headheight=15pt21]{geometry}2223% --- Typography ---24\usepackage{newtxtext,newtxmath}25\usepackage{microtype}26\usepackage{setspace}27\onehalfspacing2829% --- Math ---30\usepackage{amsmath,amsfonts}31\usepackage{mathtools}3233% --- Tables ---34\usepackage{booktabs}35\usepackage{threeparttable}36\usepackage{tabularx}37\usepackage{array}38\usepackage{siunitx}39\usepackage{multirow}40\usepackage{longtable}4142% --- Figures ---43\usepackage{graphicx}44\usepackage[45 font = small,46 labelfont = bf,47 labelsep = period,48 justification = justified,49 singlelinecheck = false50]{caption}51\usepackage{subcaption}52\usepackage{float}53\usepackage{rotating}5455% --- Colors & Links ---56\usepackage[dvipsnames]{xcolor}57\usepackage[58 colorlinks = true,59 linkcolor = NavyBlue,60 citecolor = NavyBlue,61 urlcolor = NavyBlue,62 breaklinks = true63]{hyperref}64\hypersetup{pdftitle={Heterogeneous Amenity Capitalization in the Quebec Residential Market: A Spatial Quantile Regression Approach}, pdfauthor={Simon-Pierre Boucher}}6566% --- Bibliography ---67\usepackage[authoryear,round,semicolon]{natbib}68\bibliographystyle{apalike}6970% --- Headers & Footers ---71\usepackage{fancyhdr}72\pagestyle{fancy}73\fancyhf{}74\fancyhead[L]{\small\itshape Spatial Quantile Hedonic Pricing in Quebec}75\fancyhead[R]{\thepage}76\renewcommand{\headrulewidth}{0.4pt}7778% --- Section Formatting ---79\usepackage{titlesec}80\titleformat{\section}{\large\bfseries}{\thesection.}{0.5em}{}81\titleformat{\subsection}{\normalsize\bfseries}{\thesubsection.}{0.5em}{}82\titleformat{\subsubsection}{\normalsize\itshape}{\thesubsubsection.}{0.5em}{}8384% --- Appendix Support ---85\usepackage{appendix}8687% --- Misc ---88\usepackage{enumitem}89\setlist{nosep,leftmargin=*}9091% --- Paragraph Formatting ---92\setlength{\parindent}{1.5em}93\setlength{\parskip}{0pt}9495% --- Custom Commands (Econometric Notation) ---96\newcommand{\E}{\mathbb{E}}97\newcommand{\Var}{\mathrm{Var}}98\newcommand{\Cov}{\mathrm{Cov}}99\newcommand{\R}{\mathbb{R}}100\newcommand{\eps}{\varepsilon}101\newcommand{\pval}{\textit{p}-value}102103% ============================================================================104% METADATA105% ============================================================================106\newcommand{\WPnumber}{1}107\newcommand{\WPtitle}{Heterogeneous Amenity Capitalization in the Quebec Residential Market: A Spatial Quantile Regression Approach}108\newcommand{\WPsubtitle}{}109\newcommand{\WPdate}{May 2026}110\newcommand{\WPversion}{1.0}111\newcommand{\WPabstract}{%112Standard hedonic pricing models estimated by ordinary least squares impose constant implicit prices for housing attributes across the conditional price distribution---an assumption that is difficult to justify when buyers at different price segments have different preferences, constraints, and substitution possibilities. This paper examines whether neighborhood amenity capitalization varies across the price distribution in the Quebec residential market. Using 42,481 property listings from Centris spanning four market segments---single-family houses, condominiums, multiplexes, and vacant land---we estimate quantile regression models at $\tau \in \{0.10, 0.25, 0.50, 0.75, 0.90\}$ and augment them with an instrumented spatial lag in a two-stage spatial quantile regression (2SQR) framework. Inter-quantile Wald tests reject the null of coefficient homogeneity (omnibus $\chi^2(7) = 35.74$, $p < 0.001$ for houses). The results suggest that hospital proximity shifts from a significant negative association ($-$0.082) at the 10th percentile to a positive (insignificant) association at the 90th percentile; park proximity declines from $+$0.087 ($p < 0.001$) to $-$0.044 (insignificant); and transit proximity declines from $+$0.074 to $-$0.008 across the distribution. The spatial lag parameter $\rho$ is positive and significant across all segments, with Moran's $I$ on OLS residuals ranging from 0.44 to 0.55 and first-stage $F$-statistics exceeding 100 in all segments. Because the analysis relies on listing prices and cross-sectional variation, the estimated coefficients are best interpreted as quantile-specific capitalization gradients rather than causal effects. To our knowledge, this is the first multi-segment spatial quantile analysis of amenity capitalization in the Quebec housing market.%113}114\newcommand{\WPkeywords}{hedonic pricing, spatial quantile regression, amenity capitalization, housing market segmentation, implicit prices, Quebec real estate, Centris, bootstrap inference}115\newcommand{\WPjel}{R31, C21, C31, Q51}116117% --- Author ---118\newcommand{\WPauthor}{Simon-Pierre Boucher}119\newcommand{\WPaffiliation}{%120 D\'epartement des sciences administratives\\121 Universit\'e du Qu\'ebec en Outaouais%122}123\newcommand{\WPemail}{simon-pierre.boucher@uqo.ca}124\newcommand{\WPaddress}{%125 Gatineau -- Pavillon Alexandre-Tach\'e\\126 283, boulevard Alexandre-Tach\'e\\127 Gatineau, Qu\'ebec, Canada J9A 1L8%128}129130% ============================================================================131% DOCUMENT132% ============================================================================133134% --- Figures not regenerated locally (scripts/05_sqr_multi_segment.py produces them): graceful placeholder ---135\makeatletter136\let\origincludegraphics\includegraphics137\renewcommand{\includegraphics}[2][]{%138 \IfFileExists{#2}{\origincludegraphics[#1]{#2}}{%139 \fbox{\parbox[c][3.2cm][c]{0.72\linewidth}{\centering\ttfamily\small Figure not available in this build\\[3pt]\detokenize{#2}}}}%140}141\makeatother142143\begin{document}144145% --- Title Page ---146\input{sections/titlepage}147148% --- Main Body ---149\input{sections/introduction}150\input{sections/literature}151\input{sections/methodology}152\input{sections/data}153\input{sections/results}154\input{sections/robustness}155\input{sections/discussion}156\input{sections/conclusion}157158% --- References ---159\newpage160\input{sections/references}161162% --- Figures ---163\input{sections/figures}164165\end{document}166