If one is planning to let go of a residential property in Vancouver, the process might be a bit more complex than anticipated, as the Real Estate Council of British Columbia recently advised agents to encourage their clients to make full written disclosures that their properties have been used for growing weed.
“While marijuana for medical purposes may be grown legally with the necessary licence, the possibility remains that its growth could result in a property defect,” spokesperson Marilee Peters told Global News
“If a property has been used for activities such as a marijuana grow-op and the property has not been properly restored, a material latent defect may exist in the form of toxic hazards that cannot be discovered on a reasonable examination of the property.”
Earlier this year, the implementation of the Access to Cannabis for Medical Purposes Regulations allowed patients who have prescriptions to grow medical marijuana at the safety of their homes.
The revised rules no longer required patients to fulfill their prescriptions at any of the 34 authorized producers nationwide, although these facilities are still considered legal providers of medical marijuana.
Hazards to look out for in the time of marijuana
New federal regulations to allow growing of medical marijuana at home
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
The Liberal government has previously stated its intention to fully legalize marijuana by next year, and thus it would be wise for any potential pot-growing home sellers to know how the rules would affect one’s prospects.