While some Metro Vancouver landlords are looking to ban marijuana use in their rental units and some municipalities don't want legal cannabis stores in their neighbourhoods, a US study suggests that recreational pot shops could strengthen property values.
Property prices for homes in Denver near shops which converted from medical marijuana to recreational pot in 2014 saw values increase by 8.4%.
It's still too early to tell if Canadian homeowners can expect a similar effect, but maybe marijuana retail locations could benefit neighbourhoods by driving foot traffic to merchants as well as reducing crime. Often, if there is desirable shopping and thriving stores in a particular area, people want to live nearby.
One of the key concerns for having marijuana retail locations in some municipalities is the associated cost of policing. Wouldn't having a marijuana retail location in an area potentially reduce criminal activity by providing a legal channel to buy pot? And crime reduction is always a positvie impact on real estate prices.
Time will will tell!
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