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Lighting Up Could Burn Away at Home Value

Tuesday, 16 April 2013 10:55

Homeowners risk coughing up big bucks if they're also smokers, according a survey of Ontario real estate agents and brokers. The survey found that smoking in the home can reduce the value of the property on resale by up to 29%. The study was sponsored by Pfizer Canada, a pharmaceutical company whose products include a smoking cessation medication. It estimates a potential loss of up to $107,000 on an home in Ontario, where the average price is currently around $369,000. The study found that an overwhelming majority of 401 real estate agents and brokers in the survey agreed that it is more difficult to sell a home where owners have smoked. More than half of respondents, 56%, said most buyers are less likely to purchase a home where people have smoked, and 27% said most buyers are actually unwilling to buy a home where people have smoked.

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