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? Our 2019 RE/MAX Cannabis Reflection Report discusses the impact legalized marijuana has had on the Canadian housing market.
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, click here
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
HOW TO USE THIS REPORT
RE/MAX Reports are distributed throughout the year and are designed to educate the public and our network on industry insights. A full download of the report and press release are always available on remax.ca.
- Become a recognized leader in the field by posting some of the statistics found throughout the report on your social platforms, or by presenting the report in your listing presentations
- Be the pillar of communication for the markets you serve by posting the infographics on your website or by displaying them at your next open house!
- The possibilities don’t stop there! We encourage you to check out the full report on the RE/MAX Canada blog. It’s the perfect place to refer clients to!