BY HUGH MCKENNA, THE CANADIAN PRESS APRIL 17, 2013
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 per cent.
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 a home in Ontario, where the average price is 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 per cent - said most buyers are less likely to purchase a home where people have smoked, and 27 per cent said most buyers are unwilling to buy a home where people have smoked.
In Canada, an estimated 15 per cent of homes have at least one regular smoker. The survey was conducted between Jan. 31 and Feb. 6 and is considered accurate 19 times out of 20 within a margin of error of plus or minus 4.9 percentage points.
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