By Realestate Condos Team on October 30th, 2018

How property owners and buyers feel about legal pot

Cannabis became legal in Canada on October 17th of this year, and despite its new legality, homeowners and homebuyers have real questions about the intersections between pot, its personal use at home, and property values.

Canadians are now allowed to consume cannabis in the home, as well as cultivate it. Consumption of the plant and growing it indoors can lead to insurance headaches, lowered desirability and property value hits.

Survey

A national survey by Zoocasa polled more than 1,300 Canadians, and opinions are still negative based on some enduring stigmas about cannabis use.

Zoocasa asked about use in private residences, living near a legal cannabis store and tenant/landlord rights in rental units where cannabis is involved.

When compared to alcohol, views on cannabis is comparatively negative. However, millennials have a more forgiving perspective on personal cannabis use at home.

Homebuyers

Out of those surveyed, 52% said they would “be less likely to consider specific houses if they knew even a legal amount of cannabis had been grown in them” according to Toronto Storeys.

Millennial respondents were more lenient as 38% indicated “that a legal amount of cannabis grown in a home would reduce their desire to buy that property” as opposed to 58% of Gen Xers and 59% of Boomers who said the same.

Homeowners

While provinces are setting up legal retail options for cannabis purchases in the country, homeowners aren’t necessarily warming up to the idea.

Zoocasa found that 42% of those surveyed feel that having a pot dispensary in their neighbourhood would decrease property values, while 48% said that they would reconsider a home purchase if a pot store was nearby.

Only 14% said the same about traditional liquor stores.

Source

“The findings are based on an online survey conducted by Zoocasa.com from Sep 27, 2018 to Oct 3, 2018 of over 1,380 respondents who live in Canada. The estimated margin of error is +/- 2.6 percentage points, 19 times out of 20.”