Homebuyers would steer clear of house where cannabis was grown: study

Hamilton | Ontario | Latest News | Real Estate |

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Published October 8, 2019 at 9:20 pm

Many Canadians believe smoking indoors is bad for their property value, according to a recent survey.

Many Canadians believe smoking indoors is bad for their property value, according to a recent survey.

On Tuesday (Oct. 8), Zoocasa published the results of their survey related to cannabis and real estate. According to the findings, nearly half of the people surveyed — 43 per cent — said they would feel comfortable with a dispensary in their neighbourhood.

However, when it came to smoking inside, most people believe it would be detrimental to their property values; 64 per cent of homeowners and 53 per cent of renters felt smoking inside would diminish the property’s value and condition.

Additionally, 48 per cent of people surveyed said they wouldn’t want to purchase a home that had been used previously to grow cannabis — even if it was a legal amount.

Many landlords are also concerned about the potential damage growing cannabis plants could have on a property. According to the survey, 85 per cent of landlords would prefer to rent to someone who wouldn’t be growing cannabis within the unit.

Fifty-seven per cent of landlords said they are concerned about property damage to their units since the legalization of cannabis, and 55 per cent said they would consider charging more in rent to cover the cost of potential damage associated with smoking or growing cannabis.

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