Even with the slated legalization of cannabis in late summer 2018, a significant number of Canadians still believe that a property which has been used to grow marijuana is a suboptimal prospect for a home purchase.
The latest survey conducted by real estate data portal Zoocasa found that 47% of the respondents said that even a legal amount of marijuana grown in a home would reduce their desire to buy the property. 52% of those polled in Quebec agreed, as did 48% in both B.C. and Ontario. Meanwhile, only 31% in Atlantic Canada agreed.
Millennials appear to be far more open about the presence of the herb on their properties. 19% of respondents in this demographic said that they would consider growing a legal amount of cannabis at home, compared to only 11% of baby boomers polled.
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In terms of consumption, 39% of respondents from all provinces surveyed stated that increased marijuana use in homes will decrease property values. 45% of Quebec respondents agreed, while only 26% of respondents in Atlantic Canada did so.
As for the impact of dispensaries on the value of nearby residential properties, 32% of respondents from all provinces surveyed indicated a belief that the presence of these facilities will have a negative impact on the value of nearby homes. 35% of those polled in Ontario agreed, while the figure was only 23% in Alberta.
Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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