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It’s an oft-told anecdote littering social media: Those who invested early in cryptocurrencies have enjoyed life-changing wealth.
Australia’s housing rental value hit a fresh record in April with some cities seeing renewed growth momentum, a troubling sign for the Reserve Bank that’s likely to leave borrowing costs at a 12-year high this week to stave off price pressures.
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Apr 30, 2018
Bloomberg News
,(Bloomberg) -- Canada’s push to legalize pot is running into more opposition, this time from a realtor group that says home cultivation could cause property damage.
In testimony to a Senate committee in Ottawa, Michael Bourque, head of the Canadian Real Estate Association, flagged risks associated with cultivating cannabis plants, such as the spread of mold and fungus through ventilation systems. He said the law should be amended to place a moratorium on home cultivation until provinces can pass tougher housing regulations.
The home-safety argument may set up another hurdle for Prime Minister Justin Trudeau, who is seeking to pass the marijuana bill in the next few months so the market can open for business later this year. Trudeau’s Liberal government says legalization will squeeze out criminal producers and help bring down high rates of youth consumption.
Although the law would allow people to grow up to four plants at home, Bourque, who represents 125,000 real estate brokers, said there’s no limit on plant size, meaning growers could raise giant plants that produce 5 kilograms (11 pounds) of grass a year, increasing the risk to homes and health.
“We question if personal cultivation is even necessary” when there is a “well-funded, well-capitalized industry,” Bourque said Monday. “The legislation ignores evidence that growing cannabis indoors can be hazardous to the home, and health of home owners.”
As Bourque was giving his testimony, the Royal Canadian Mounted Police said they arrested a New Brunswick man after a call to a house fire resulted in the seizure of 485 marijuana plants.
To contact the reporter on this story: Greg Quinn in Ottawa at gquinn1@bloomberg.net.
To contact the editors responsible for this story: Theophilos Argitis at targitis@bloomberg.net, Chris Fournier, Stephen Wicary
©2018 Bloomberg L.P.