Growing Value: Describing the Nature of the Relationship Between Street-Level Greenery and Housing Prices in Toronto

The role of urban forestry has become increasingly important in the context of sustainability, both from an environmental context, and from a developmental context. Greenery in an urban environment has demonstrable implications for health, air quality, aesthetics, and land value, as described broadly across the literature. Until recently, studies on green urban canopies and housing prices have been limited in their methodology by using aerial-perspective data. The MIT Senseable City Lab in 2015 developed the Treepedia project, which uses Google Street View images to quantify greenery levels in urban environments. Using the green view index (GVI) data from the Treepedia project, street-level greenery densities were compared against housing prices across Toronto. Models for different property types, accounting for characteristic, locational, and demographic variables, were estimated. It was determined that a statistically significant relationship between street-level greenery and housing prices exists in Toronto for detached homes, semi-detached homes, row/townhouse units, condo apartments, and condo townhouses.