With Cannabis Legalization Smith Falls sees Growth in the Real Estate Market

Since Canopy Growth opening shop in the old Smith Falls Hershey Chocolate the town of Smith Falls just outside of Ottawa, Ontario has been seeing good growth in not only cannabis plants but in real estate prices. :-)

With a market value of more than $127 million and many new contracts poised for more growth Canopy Growth / Tweed is becoming a large player in the cannabis game.

The company now employs around 750 employees at their Smith Falls HQ.

Smith Falls normally sees around $100,000 a year of income from construction permit applications and fees. This amount has climbed to 2 million in 2018. From 1996 to 2016 there was a total of 196 new housing units created in the small town. Park View Homes a local builder is planning 63 new homes in 2019 alone.

Smith Falls who use to see long days on market when selling their home have seen a seller's market this year and this trend is showing no sign of stopping.

There was a total of 164 residential properties that sold in 2016 in the town of Smith Falls. At that time the average days on market was 98. 

In 2017 a total of 162 properties sold on the Smiths Falls MLS the average days on market was 103.

With over 30 days to go in 2018 Smith Falls has seen a total of 192 residential properties sell so far this year. The average days on market for the area has dropped down to 81.

This is a great sign for a town that a few years ago had a future that wasn't so sure.

If you are looking at buying or selling real estate in Smith Falls or Ottawa, Ontario and would like to discuss you real estate needs call 613-889-7732 to speak with Roch St-Georges, broker with EXIT Realty Matrix.