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Cannabis isn’t making friends in real estate

The potent aroma of marijuana isn’t going to cut it when it comes to evoking that same homey feeling among prospective new owners as the time-honoured trick of baking cookies.

That is the finding of real estate search site Zoocasa, which released a report last October revealing that 52 percent of Canadians would be less likely to consider buying a home if they knew that a legal amount of cannabis — four plants — was grown there. Also, 57 percent of homeowners felt that cultivating plants would negatively impact a home’s value.

Last fall, the Cannabis Act came into effect, allowing Canadians to consume the drug and grow their own plants as well as purchase it from provincially regulated retailers.

Rental units would likely be affected by pot smoking as well. Forty six percent of survey respondents who were renters agreed that smoking cannabis would devalue their unit, although 33 percent disagreed.

Demographically, millennials were the least likely, in comparison to Gen Xers and Baby Boomers, to consider home cannabis cultivation stigmatizing.

The insurance industry isn’t too chuffed about cannabis either. The CBC reported that legal cannabis cultivation could result in a jump in renters’ or homeowner’s insurance premiums or possibly even cancellation. ◊