Photo: James Bombales
As of today, Canadians can now buy, consume and grow their own weed. But buyers beware — if you’re not careful about how you choose to indulge, it could affect your property value.
That’s because a majority of Canadians believe that smoking weed inside the home could hurt resale values, according to a national survey from real estate company Zoocasa.
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Up to 64 percent of respondents felt smoking indoors would be bad for home values, while another 52 percent said they would be less likely to buy a specific home if they knew weed had been grown inside.
“There is still a stigma when it comes to growing marijuana in the home,” Penelope Graham, managing editor of Zoocasa, tells Livabl.
There’s also a “there goes the neighbourhood” sentiment around dispensaries — 42 percent of respondents said they felt having one in their area would harm the value of nearby homes. Another 48 percent said that a dispensary would make them think twice about buying in a certain area.
Of course, it’s always possible that now that weed is legalized, the stigma surrounding it will start to fade. Respondents who already live by a dispensary are more comfortable with the presence of one, according to Zoocasa data. And only 14 percent of respondents said they would be uncomfortable with a new liquor store opening in their neighbourhood.
As it stands, it does seem that more and more Canadians will start growing and smoking weed at home. Up to 15 per cent of all respondents said they would consider growing their own plants, a number that rose to 19 percent among Millennials.
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.”