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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
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11 April 2019

Cannabis production leads to higher real estate prices

According to the recent report, housing prices in certain smaller passive Canadian markets are growing supported by investments in the developing cannabis industry only six months after the legalization.

“The growth in employment activity and the success of cannabis companies are leading to higher prices for agricultural land and real estate in tertiary markets,” – says the new report by Altus Group.

Tertiary markets follow major markets, like Toronto and Vancouver, and secondary markets, e.g. Kitchener–Waterloo and Guelph.

Altus Group points to only two Ontario tertiary markets which could take advantage of the impact from cannabis: the municipality of Leamington and the town of Smiths Falls.

Leamington land prices are rising due to pot growers Aphria Inc., which set up shop in a former Heinz ketchup-processing plant.

At the same time, Smith Falls real estate has become more expensive because of Canopy Growth Corp, owner of the popular Tokyo Smoke brand, following its rebound of a former Hershey’s factory.

Earlier, both markets had been facing a sharp slowdown, caused by the previous manufacturer departures and, as a result, high unemployment level.

However, the arrival of cannabis-production facilities is causing a recovery.

“They’re attracting employees from other areas,” - said Kruti Desai, manager at Altus Group.

According to Desai, these companies need specialized workers to operate their high-tech growing facilities.

The cannabis companies also support the local economy as they create more opportunities for other businesses and services.

Of course, real estate demand caused by the industry may lead to stronger homebuilding activity in relatively passive markets, but still not enough time has passed to determine the real influence on residential construction.

Nevertheless, the impact of cannabis retailers on real estate prices may have two sides.

Zoocasa poll, conducted in October 2018 before the national legalization, says 42% of Canadians expect cannabis dispensaries to drag the home prices down.

“It could be an issue for some residents, and we’ll certainly watch such areas closely”, -  Desai noted.

 

 

 

 

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