To Grow or Not to Grow – Cannabis Legalization
Cannabis legalization was a big day across Canada with the recreational growing and consumption of cannabis for personal use. For those of our clients that enjoy this product, it is a good day….BUT…as your real estate advisors, we would ask you to carefully consider if you really want to turn your home into a grow op! Some details have yet to be worked out.
Here’s what you need to know about Cannabis Legalization and Your Real Estate Investment in BC Canada:
- Disclosure – even though it is now legal, if you are selling your home, you still need to disclose if you have used any room in your home, or even if you have an exterior area, to grow marijuana.
- How will this affect yours and/or a buyers ability to get home insurance? This is unknown as many insurers have not created policy around this question.
- How will this affect the ability to finance a purchase? This is also unknown but may affect the sale of your home in a negative way.
- If you live in strata, how does your council intend to “regulate” the growing of marijuana plants in individual units? Are your strata on top of this?
- If you own a rental property and have not addressed this issue with your tenants, in writing, then you should get on that immediately.