Getting High and Low Prices: Marijuana Dispensaries and Home Values

Justin Tyndall

Real Estate Economics, 2021, vol. 49, issue 4, 1093-1119

Abstract: Laws concerning marijuana have undergone liberalization in many North American markets, enabling the establishment of marijuana dispensaries. Local externalities generated by dispensaries may impact home values, particularly by influencing demand for the surrounding neighborhood. Recent empirical evidence has found a positive effect of dispensaries on home values. I use unique data on 84 dispensaries and 62,000 repeat home transactions from Vancouver, Canada to estimate the effect of dispensaries on home prices. I find no evidence that dispensaries increase local home values in Vancouver and some evidence of a negative price effect for homes located within 100 m of a dispensary.

Date: 2021
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https://doi.org/10.1111/1540-6229.12302

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