As of Oct. 17, Canadians can now buy, indulge, and grow their own weed. However, if you aren’t careful about how you consume, it might affect your property value.
According to a national survey from Real Estate company Zoocasa, majority of Canadians believe that smoking weed instead the home could hurt resale values.
“There is still a stigma when it comes to growing marijuana in the home,” says Penelope Graham, managing editor of Zoocasa,
Up to 64 per cent of survey goers felt that smoking indoors would cause harm to the property’s value, with over 50 per cent saying that they would be less likely to purchase a home if they knew that marijuana had been grown inside it.
On top of this, many respondents are concerned about the effect that local dispensaries will have on their neighbourhood. 42 per cent felt that have one in their area would negatively affect the value of nearby homes, with another 48 per cent saying that they would think twice about buying in a certain area if a dispensary is nearby.
It is important to note that much of this fear comes from age-old stigmatisms, and it is possible with weed being legalized that these stigmas will start to fade. For example, many respondents who already live near a dispensary are comfortable with the presence of one, according to Zoocasa data. And in an analogous measure, only 14 per cent said they would be uncomfortable with a new liquor store opening up in their neighbourhood.
While it seems that more and more Canadians will turn to growing and smoking at home, Graham says those considering using the drug in their home should make sure they’ve done their homework on how it could affect their property value.
“I think the takeaway from homeowners should be…you may not be protected,” she says. “Insurers and lenders may consider homes where it has been grown to be stigmatized, and may not want to offer full coverage or financing.”
However these new legalization laws affect you, you’ll want to make sure that you are covered and that your property is secure. For any questions about how you can make sure to take steps to protect your investment, please contact us at email@example.com or give us a call.