Are smart homes a wise investment?

Samsung’s big deal with a leading condo developer for the country’s first smart home systems may be making the news, but will it make the best investment choice?

Samsung Electronics may be hoping to tap into the increasing demands of Canadian Generation Y buyers, but some experts believe “smart homes” may be a step too far for this market.

With the technology on their smartphones, condo residents would be able to control access to the building, the door lock, surveillance system, temperature and lighting.

Canderel Residential is placing this system into 25 of its high-end units in one of its new builds, which is set to open in 2017.

“Smart home systems like the Samsung product definitely add the wow and cool factor to these high-end units for potential buyers and renters but they are more of a perk than anything else,” says Joy Patterson from The Condo Chicks. “The younger more tech savvy generation would appreciate these kinds of products and services, but unfortunately they aren't necessary the ones buying or renting these high-end units.”

Such technology has already been rolled out in South Korea and the U.S. and while proving popular, cyber security remains one of the key concerns for many.

However, Patterson tells CREW that security, or more so lack of, is not an issue for a huge cohort of possible buyers. “The tech-savvy (generation) are already used to doing online banking and so forth, so security would be less of a concern and the product becomes more of a convenience tool.”

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