Marijuana Is Legal! How Will This Affect Toronto Real Estate?
Channel: Michael Duggal
Date: 2018-10-23

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The two rules you should know about are that individuals age 19+ are allowed to possess up to 30 grams of legal marijuana, and 4 plants can be grown per household for personal use. This should provide an immediate boost to our economy with a significant increase in our gross domestic product. Additionally, the government will benefit from taxing marijuana smokers. A recent study done in Colorado found that the legalization of cannabis resulted in real estate values appreciating by 6%, with even greater appreciation for homes near marijuana stores. From my experience, properties that were used for marijuana growth sold for significantly less. A recent survey done by Zoocasa found that over half the respondents would reconsider purchasing a property if it had been used for the growth of cannabis. Under section 58 of our condominium act, condominium corporations are allowed to ban the legal use of marijuana growth and use in their condominium, and hundreds of Toronto condominiums have already banned residents. 

What are your real estate market predictions?


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Michael Duggal
eXp Realty Inc.
Toronto, Ontario
416-671-5218
Michael@MDuggal.com
MichaelDuggal.com