cannabis legalization in bc canada

Cannabis Legalization and Your Real Estate Investment in BC Canada

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.
These are just some of the questions that are coming hand in hand with marijuana legalization.  I’m certain there will be more details and questions as we navigate through this time of transition.

Are you considering growing at home?

If you are considering growing your own marijuana, and you are also considering selling in the future,  please think about how the disclosure of your “grow-op” may reduce the value of your home.

Buyers

If you are considering buying over the next while making sure you check the property condition statement to see if the home or property has been used as a grow-op at any point in the past.  We would also advise requiring the seller to provide a warranty (guarantee) that the home and property have never been used as a grow-op.

Landlords

If you are a landlord please amend any rental agreement you have with an addendum stating your policy on growing marijuana in the rental home or anywhere on the rental property.
Coast Lifestyles Network will keep you informed of developments on how marijuana legalization will affect real estate.  If you have any questions please call Russ, Ria or Terri and we are happy to discuss it with you!