With a growing number of Canadians having trouble buying – and selling – former grow-ops, are brokers running out of options?
“We own a home that is a remediated former grow-op, (that had) a few plants in the corner of the unfinished basement, 12 years ago. We have owned for eight years, with full disclosure provided to us upon our purchase, but did not know at the time that this would stay with the house,” reader, “Kim” wrote on MortgageBrokerNews.ca. “We are now trying to sell this home, wanting to downsize, and are finding no banks are willing to finance potential buyers.”
And it’s a dilemma many other Canadians are facing.
Broker Semira Causevic of Quantus Mortgage Solutions warns clients against purchasing former grow-ops. She wrote on MortgageBrokerNews.ca about a neighbourhood home that was remediated only to have mold grow back 10 years after it was purchased.
“The new owner is not able to sell the house because it is a reported former grow op,” Semira wrote. “He is not be able to live in it, he may have to abandon the house as he is not in a financial position to tear down the house and re build.”
And CTV recently featured a story about a Winnipeg couple who tried to purchase a former grow-op.
Sarah Fehr and her finance were interested in a home that had been used to grow marijuana in the past. And while they were able to find a credit union willing to provide funding, procuring insurance was another matter.
"There were insurers who flat out said, 'No, we will not touch a grow-op," Fehr said.