Growing pot at home significantly devalues the property – poll

Growing pot at home significantly devalues the property – poll

Growing pot at home significantly devalues the property – poll

Nearly a month after recreational cannabis was legalized on the federal level, some negative sentiments about growing the herb in homes still remain.

In a recent analysis by real estate information portal Zoocasa, majority (52%) of would-be home buyers stated that they are less likely to go for a potential purchase if marijuana was previously grown in the house in question.

A greater proportion (57%) said that even a legal amount of pot growth would significantly pull down the value of a property, the Financial Post reported.

Only 15% indicated that they are open to growing the plant in their homes. The Cannabis Act, which took effect on October 17, allows home owners to cultivate up to 4 plants for personal use indoors.

Read more: Legal pot may come with significant risks for investors

Even legal points of sale are not spared from the stigma, as 48% argued that a dispensary in the vicinity of their prospective purchase would dampen their desire to push through with the transaction. A similar proportion (42%) of respondents said that a nearby dispensary would pull down the market value of nearby homes.

Pot consumption is considered to have an even greater impact. Fully 64% of those surveyed said that smoking cannabis will majorly affect a home’s market desirability.

“A lot of the negative sentiment in our findings is stemming from this uncertainty among homeowners,” Zoocasa managing editor Penelope Graham said. “[Your home is] your largest financial investment. The last thing that you want to do is accidentally devalue it doing something you think is legal.”

 

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