Will legal marijuana shops boost nearby properties?

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!

Legal marijuana

Comments:

No comments

Post Your Comment:

Your email will not be published
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.