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Real estate transactions: Legal cannabis affecting market

It's been more than half a year since the country legalized cannabis. Making cannabis legal has had a positive effect on real estate transactions in Canada -- both agriculturally and commercially. It has also had an effect on real estate prices in general, according to a recent study. Smaller communities are benefiting from the increased demand for agricultural lands.

Canada's top cannabis producers are veering away from urban centres where land sells at a premium. Industrial buildings that have sat vacant are being leased for fulfilling orders connected to the cannabis industry. The retail sector has also been a part of the chain reaction the cannabis industry has caused in the market. 

There are definitive areas where retailers can sell cannabis. Much hinges upon zoning bylaws in various municipalities and some communities have chosen not to allow the sale of cannabis at all. The first of these shops opened around the country on April 1, including those in Alberta. Cannabis edibles, topicals, extracts and beverages will become legal this October and the move is expected to create a buzz in the commercial real estate sector.

Real estate transactions in Canada must adhere to provincial and federal laws that govern them. An experienced lawyer can help a client who is looking to buy or sell property -- whether that be a home, business or piece of land. A lawyer can assist a client with issues that accompany the purchase or sale of property such as titles, surveys, easements, right down to the closing of the deal.

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