Cannabis Conversations for Homeowners and Commercial Tips

Posted by Denise Dumbrell
Jan 11th, 2019 at 6:13pm

Cannabis Conversations



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. a buyer can have issues obtaining financing by not all but a huge nunber of Mortgage Lenders, partcularly Charter Banks. You will need to ask us for guidance on this matter.


Cannabis Commercial Production and Boutique Specialty facilities. We have had experience in securing sites and have acquired a lot of knowledge in thie firld. What should be known by anyone interested in entering this industry that beside the need for a Health Canada Certification which can take some time and making securing the right location necessary before being able to advance there is also the subject of finances. The industry does not fit into the lending programs of any Chartered Bank nor that of the vast majority of main stream Commercial Lenders. Most funding is arranged thru private mmethods and Venture Captal Initiatives.  One should first familarize themselves with zoning requirements, Mechanical equipment that will be required to achieve Health Canada levels and be aware you will be requiring a Geodetic Engineering land study on the site you sellect .

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.


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