Last Updated on October 24, 2023 by Ephraim Vecina
A month after the federal Cannabis Act came into effect, a significant number of Canadians still harbor negative views about the provision that allows home owners to cultivate up to 4 plants indoors, according to a recent analysis by real estate information portal Zoocasa.
In the study, 57% of respondents believed that growing marijuana in a home would considerably devalue that property. Another 52% said that they would have definite second thoughts about buying a residence if the former owner grew the plant privately.
“A lot of the negative sentiment in our findings is stemming from this uncertainty among homeowners,” Zoocasa managing editor Penelope Graham stated, as quoted by the Financial Post.
Only 15% of those surveyed said that the factor does not affect their purchase decisions one way or the other, and that they are open to growing the plant themselves.
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Smoking cannabis is seen to have a more serious effect, with 64% of respondents saying that the consumption of pot inside a residence will severely impact a home’s market value.
Another major factor would be the presence of a dispensary in the vicinity of a prospective home purchase. Around 48% of the Zoocasa survey’s participants admitted that such a facility near a house would make them back off from buying that property, while 42% said that this would negatively reflect upon the desirability of the residences in the area.
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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