With cannabis now legal, Canadian homeowners may cultivate up to four cannabis plants per residence. However, there are many issues related to homeownership, real estate transactions, and growing cannabis in private homes that place homeowners and REALTORS® at risk. A lack of guidance when it comes to remediation concerns, not to mention lenders' and insurers' reluctance to take on the potential problems of a home used for growing cannabis, means homeowners have experienced unpleasant surprises when it comes time to sell as buyers have had issues obtaining financing by not all but a huge nunber of Mortgage Lenders.
On the other hand, legalization also provides opportunities for REALTORS® to add value as trusted advisors to their clients. To help REALTORS® navigate these uncharted waters, BCREA is launching a series of videos called Conversations on Cannabis. To view the first episode, click the lin below . It features Victoria REALTOR® and CFAX radio host Tony Joe interviewing mortgage broker trainer Dustan Woodhouse on the risks of growing cannabis when it comes to financing, refinancing, and protecting the value of your home. As new videos become available, we'll notify you in In Touch.
The Real Estate Industry continues to lobby the government for a province-wide remediation program, including the implementation of a five-step process in which a home used to grow marijuana is discovered, inspected, remediated, inspected again, and finally designated a healthy home.
Click Here https://www.youtube.com/watch?v=uJJWP2SJnlA&feature=youtu.be