Living near a cannabis dispensary is good for your property value

Sleek new looks, corporate renovation budgets, and young hip employees make them attractive additions to the neighbourhood

By Kieran Delamont

2019-10-18

The conventional wisdom has always been that having a pot shop in your neighbourhood is bad for the value of your home.  The fear is that a weed store will attract vagrancy. But after a year of legal weed in Canada, the data seems to suggest otherwise. 

That’s according to a study by real estate company RE/MAX. 

The new weed stores of 2019 barely resemble their makeshift predecessors. Sleek new looks, corporate renovation budgets, and young hip employees make them attractive additions to the neighbourhood (if nothing else).

RE/MAX’s data suggests that’s good for your property value. And even better if your neighbourhood is close to a place that grows a lot of cannabis. 

But there are still many people – 65 per cent the study found – who would rather not live in the same neighbourhood as a pot shop.

“The idea of NIMBYism still looms in the background,” Elton Ash, a RE/MAX vice-president, said in a press release. “But for the time being, acceptance and adoption seems to have been pretty positive.”

Ash suggests that the market will improve further with the legalization of topicals and edibles in December. All of which, Ash says, “could pave the avenue for even greater growth of the industries associated with legal cannabis. There’s clearly an appetite for it.”

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