A transaction evidence based estimate of the stumpage value of some southern Ontario forest species

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Abstract
Most of the timber harvested in southern Ontario is sold in an open market. Sales are mainly conducted on mixed-species woodlots and include a range of timber qualities. An econometric model based on the transaction evidence approach and 506 sales data from 1983 to 1993 is developed to estimate the stumpage value of a stand as well as species components most important in determining value. Volume of timber of different species put on sale in a lot was found to be the prime determinant of sale value. For some species the product of average tree size and volume sold turned out to be influential. Per cubic metre value of standing timber was found to generally increase with tree size, but the nature of the relationship was not clearly identifiable. Ash was found to be the most valuable hardwood in southern Ontario. Ownership was a significant determinant of value, privately owned timber fetching much higher value than that on public lands. This may be due to difference in size of Trees on the two types of land. Site characteristics such as slope, underbrush, and distance from mills did not appear to be important in determining values. The reason most probably was that high per cubic metre values commanded by hardwoods rendered site differences and transportation costs in a well-roaded region relatively insignificant. Stand quality might have been an important factor, but poor data on it did not permit any useful analysis.

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