Cannabis and your property. How does it affect you as a home owner, buyer, seller or renter?
Updated: Nov 18, 2019
Cannabis has been legal for a year now, allowing home owners to consume and or grow it within the confines of their own homes. This includes both single-family owned homes as well as rental and multi-family residences.
It now seems like a good time to take a look at the attitudes towards cannabis usage and growth in the home from a home buyer, seller or renters perspective. Could the presence of cannabis in the home turn prospective buyers off? Would the presence of nearby dispensaries have a good or bad impact on the demand or value of a home or rental property?
Lighting up is warming up
According to multiple studies conducted over the last year it looks like the majority of Canadians are generally feeling more at ease with dispensaries operating in proximity to their home and they don't seem to be too worried that the presence of a dispensary would hurt the value of their home.
When it comes to actually lighting up and smoking weed inside, there’s does however still appear to be a stronger feeling that doing could have a negative impact on the properties value.
From a cultivation perspective, the drug being grown on the premises also seems to slightly dissuade buyers, although this trend is also down significantly over the last year.
The overall trends are good
As it is only been a year it is difficult to draw any certain conclusions from this research, bit it is relevant to see that the overall trends are good, in the sense that as acceptance for cannabis use increases so too does its affect on other aspects of society.
It not there yet, but weed in a home could soon be looked at in the same way as seeing some beer or wine bottles in the home. If it is perfectly legal, will it turn out to have any impact on home prices at all in the future?
If you are looking for help buying, selling or investing in real estate myself and my real estate team are here to help. We specialize in real estate in Aurora, real estate in Newmarket, real estate in Richmond Hill and real estate in Vaughan. We also help with investing in real estate in pre-construction condominiums all over Toronto and the GTA. Whatever your direction in real estate, you can always turntotammy.