Survey of real estate agents finds most buyers less likely or unwilling to buy smokers’ homes

It is well-known that smokers lose money due to the expense of cigarettes – but the cost of smoking may be higher than they think. A recent survey of Canadian real estate agents and brokers, sponsored by Pfizer Canada, found that smoking in the home could lower the value of your property by up to 29 per cent;1 with an average house price of$369,000 in Ontario2 this may mean a loss of up to $107,010.

“Smoking has a profound impact on how appealing a home is to a prospective buyer,” says David Visentin, co-host of the W Network’s Love it or List it and top real estate agent in Southern Ontario. “It stains walls and carpets, and leaves a smell that can be hard to eliminate. Many prospective buyers are really put off by homes that have been smoked in, and they can be very challenging to sell.”

The impact of smoking in the home is not just cosmetic – it may significantly affect property values. Almost half (44 per cent) of real estate agents and brokers surveyed said smoking in the home affects resale value.  Of these, one-in-three (32 per cent) said smoking in the home may lower the value by 10-19 per cent and a further one-in-three (32 per cent) said it may lower the value by 20-29 per cent.1

Further, smoking may actually deter prospective buyers. An overwhelming majority of Ontario real estate agents and brokers (88 per cent) agreed that it is more difficult to sell a home where owners have smoked.  More than half of respondents (56 per cent) said most buyers are less likely to buy a home where people have smoked, and 27 per cent went further and said most buyers are actually unwilling to buy a home where people have smoked.

In Canada 15 per cent of homes have at least one regular smoker, which could affect the likelihood of these homeowners selling at full value.


SOURCE: Pfizer Canada Inc.

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