Recreational marijuana usage just became legal this morning – October 17 – across the nation as the
Cannabis Act officially takes effect.
The overnight switch from black market to legal industry has led to a host of unexpected growing
pains, such as employers struggling to come up with new impairment policies to insurance companies
wrangling with whether to underwrite cannabis businesses.
Legalization has even led to statements being released from pro sports organizations like the NHL to
clarify their positions on player usage.
Besides allowing all adults of 19 and older to carry up to 30 grams of marijuana, the Cannabis Act also
provides for individuals to grow up to four marijuana plants at their private residences.
That particular provision of the law may lead to an unexpected effect on the housing market, according
to a study commissioned by real estate company Zoocasa.
The study polled 1,431 respondents who live in Canada, and has an estimated margin of error of plus or
minus 2.6 percentage points. The results showed a disparity of opinions by province on marijuana
usage potentially impacting the housing market.
According to the Zoocasa report:
“Ontarians feel strongest that living near a legal marijuana dispensary would reduce their home values,
while Quebecers are most concerned that increased marijuana use within the home could impact its sale
39% of Canadians responding to the study agreed with the statement that “marijuana usage in homes
could negatively impact real estate values.”
47% of respondents further said even a legal amount of marijuana grown in a home would reduce their
desire to buy the property, which could have a big impact on home sales in the coming months.
The study further revealed a wide age gap in homeowners who are considering growing their own
marijuana supply. According to the report, millennials are nearly twice as likely to grow marijuana in
their home compared to their Baby Boomer counterparts at 19% vs 11%, respectively.
Zoocasa issued the poll in March of 2018, before the Cannabis Act passed its final Senate vote, so it’s
unclear if those opinions may have changed now that legalization has arrived.
The opinions provided in this article are those of the author and do not constitute investment advice. Readers should assume that the author and/or employees of Grizzle hold positions in the company or companies mentioned in the article. For more information, please see our Content Disclaimer.