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Cannabis may have negative effect on home values –

Smoking cannabis in your home, whether you’re an owner or a renter, may harm the home’s value, says a survey from Zoocasa.

“There’s still a strong perception that doing so will have negative implications for the property, including its value and condition, a sentiment that hasn’t changed over time,” says Penelope Graham, managing editor at Zoocasa. “More than half of both homeowners (64 percent) and renters (53 percent) agree that smoking cannabis inside would devalue a home.”

With the exception of Manitoba and Quebec residents, Canadians can legally grow up to four cannabis plants in their homes, without a license. This includes owned single-family homes, as well as rental and multi-family residences, as long as the activity falls within condo board or property management guidelines.

The Zoocasa survey found home cultivation was only slightly more acceptable.

“When asked if even a legal amount of the drug grown on the premises would dissuade respondents from buying it, 48 percent of Canadians agreed, down from 52 percent in 2018,” says Graham. “Not surprisingly, in line with other results, millennials were less likely to be swayed by a home-grown crop, with 38 percent in agreement, compared to 53 percent of older generations.”

Owners of rental properties do not favour smoking or growing.

“According to the survey, landlords strongly prefer that cannabis not be grown or consumed within their properties, with 85 percent of respondents who identified as owning rental properties agreeing they would rather have tenants who did not engage in such behaviour,” says Graham. “As well, they have become increasingly concerned about related damage to their properties, with 57 percent in agreement and 55 percent of landlords saying they would consider charging higher rents to future tenants to cover potential cannabis-related damages.”

Renters are more aware of regulations, says Graham.

“When asked whether they were aware of the rules put in place by their condo board or building management, 76 percent of renter respondents agreed they were, compared to 66 percent of homeowners,” she says. “As well, 53 percent of renters said they understood their rights when it came to smoking or cultivating cannabis inside their home, while only 43 percent of landlords said they understood what could and couldn’t be enforced within their rental.

“Neither group appeared willing to break the rules put in place by their board or landlord. Just nine percent of renters and seven percent of homeowners said they would still smoke cannabis inside their homes, even if it was against property management guidelines. However, a combined total of condo-dwelling respondents of 21 percent said they would break the rules, despite 72 percent saying they were aware of them.”

Copyright Postmedia Network Inc., 2020

Written by homegrownreview

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