It has been one year since the legalization of cannabis in Canada and we have seen how it has benefitted local economies – but what does this mean for Canadian real estate?
Canada’s largest cannabis producers are being credited with micro-booms in some local economies, and the trickle-down effects are visible in nearby housing sales and price increases. This trend is more pronounced in Eastern Canada, where there’s a greater number of large-scale cannabis producers. As these legal cannabis industry continue to give these regions an economic boost, local housing markets are expected to follow.
While Eastern Canada is the hot spot for cannabis producers and some large-scale producers present in Western Canada, the west is seeing a much heavier influx of cannabis retailers. The trend is being led by Alberta, where the provincial government has allowed private industry to lead the way. While cannabis storefronts were met with resistance in some markets across Canada, the expected backlash didn’t transpire or manifest itself with negative impacts on residential real estate.
For regional market insights: https://blog.remax.ca/how-marijuana-legalization-impacts-canadas-housing/
KEY FINDINGS FROM THE 2019 RE/MAX CANNABIS SURVEY
Two in 10 (21 per cent) of Canadians live near a cannabis retail store.
Among those already living near a cannabis store:
Most Canadians (72 per cent) believe that living near one is not a factor in deciding to move
Almost a third (31 per cent) say that having a retail cannabis store in the neighbourhood would deter them from purchasing a home
25 per cent would move if a cannabis store opened up in their neighbourhood
44 per cent say they would like to live near a cannabis store