Home Owners Believe Cannabis Can Impact Property Value
Cannabis and real estate go together like…
Well, actually they do because, as the Oct. 17 anniversary of recreational cannabis legalization nears, many real estate issues regarding the sale, use and growing of cannabis have arisen again, such as smoking or growing it in condos, the location of legal (or illegal) dispensaries and, of course, the smell.
Zoocasa has now published the results of their national Canadian cannabis and real estate sentiment survey. Some of the interesting findings include:
- Canadians generally feel more at ease with the presence of dispensaries, with 43 per cent of respondents saying they would be comfortable with dispensaries in proximity to their home. Prior to legalization, only 31 per cent were okay with it in the 2018 survey with being that close to where pot was being sold.
- Regarding the smoking of cannabis indoors, more than half of both homeowners (64 per cent) and renters (53 per cent) agreed that smoking cannabis indoors will negatively impact their property’s value and condition
- When it comes to growing pot indoors, 48 per cent of respondents said even a legal amount of cannabis cultivated in a home would reduce their desire to buy that property
- And finally, landlords. The overwhelming majority (85 per cent) said they would rather have tenants who did not grow cannabis. Property damage concerns were shared by 57 per cent of landlords and 55 per cent said they would consider charging higher rent in the future to cover potential damages from smoking or cultivating cannabis.
Interestingly, 53 per cent of renters appear to know their rights regarding cannabis as opposed to 43 per cent of landlords.
Also, 72 per cent of condo/apartment residents are aware of condo board and property management rules regarding the use of cannabis in their units.
The full report contains some additional stats, including ones organized by demographics (millennials, homeowners and renters) plus infographics.