Presently, Canada’s 5 biggest lenders will NOT refinance a home that has or had indoor domestic marijuana cultivation!
This means that those that boast about their fantastic green thumbs & probable enhanced income, will be referred to a more obliging lender.
Please note that historically, financial markets are less obliging to Second Tier Lender whom must borrow their mortgage capital on the open market at modestly higher rates than their triple A competitors. These higher borrowing costs are often reflected in modestly higher posted mortgage rates. (think 1/2 point).
Perhaps if gardening is truly your passion or indispensable hobby. The time may have arrived to invest in a small greenhouse.
Personally with all the inherent legal loop holes attached to the new legalisation statutes. Quebec’s policy of non tolerance for domestic (interior) production seems reflectively quite astute & prudent.
Logically most builders will categorically state that the vast majority of residential homes have not been designed to accommodate for high levels of humidity, interior use of pesticides or high voltage power consumption. Consequently the damage caused by even casual cultivation of cannabis is apparent to any observant individual after about a year of production. Avid cultivation can irrevocably damage a home within 6 months, where remediation costs can easily range well north of $100,000.
Realtors & homeowners will have an expanding fiduciary responsibility to disclose whether the premises have been ever been used for cannabis cultivation. The health & financial consequences are still in their infancy but not likely to diminish with the passing of time.
If you have any other questions, please call any of our 3 offices and speak with our very knowledgeable staff. Would be landlords should be particular in their concerns!