It keeps the heat in, it holds paint beautifully and it is safe, unless broken and inhaled regularly over a twenty year period. It is asbestos tile, and you often find it covering more desirable, weather susceptible cedar shingle exteriors.
As for the colours, the green top/pink bottom was a popular two-tone combo found on both sides of Main Street. The style endured into the 1970s, before houses bearing them were torn down for Vancouver Specials or, through the '80s and '90s, lot-crunching "monster" homes.
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