Are Canadians In Need of Panic Rooms Yet?

According to an article featured by an organization I am a member of, the  Institute of Luxury Home Marketing, panic rooms are becoming increasingly popular with affluent home buyers.  That begs the question are we ready or in need of such a household amenity here in Canada?

  There is no question that in many parts of the world, celebrities, politicians, senior executives and others are at risk from terrorists, or just run of the mill burglars and kidnappers looking to make a quick buck.  We've all seen movies attesting to this and Jodi Foster in the movie Panic Room is probably the best example.  Canada has always been regarded as a safe haven but how long will it be until we start to see our fair share of lunatics such as the gunman in Ottawa a couple of years back.  We are also seeing a greater influx of offshore buyers for Canadian real estate.  Many of these buyers are coming from parts of the world where crime is more prevalent so security may be more of priority with them when it comes to their place of residence.

 Today panic rooms may be nothing more than something to brag about at cocktail parties but I am sure they will become more prevalent in larger Canadian cities like Toronto, Montreal and Vancouver in the years ahead.  Unfortunately the age of innocence as depicted in television shows such Leave It To Beaver (I am dating myself) is over.  Even in the southern Georgina Bay regions we are seeing more and more homes with elaborate alarm systems and web based camera monitoring both inside and out.

Read the full article on panic rooms as featured in Architectural Digest magazine.

The Luxury Segment Is The Main Driver For Economic Growth

From time to time we have all heard and probably lamented over the old sayings “…. the rich get richer” or “the haves versus the have-nots.” Due to sweeping economic changes like reductions in the North American manufacturing sector etc., the middle class appears to indeed be shrinking.  If anyone doubts this trend, the New York Times just ran an interesting article attesting to this and while it speaks to the U.S. let’s face it, we are pretty much cut from the same cloth here in Canada.

  One only needs to look at our own local economy which has changed dramatically in recent years with many of our manufacturers closing their doors only to have those higher paying jobs replaced by minimum wage retail or service sector employment.  Not surprising we are not alone in this situation as across Canada and the U.S. those businesses that cater to “middle-of-the-road” consumers ie: retailers such as Sears are struggling while high end stores like Saks Fifth Avenueand Neiman Marcus are flourishing and for the first time, are moving into Canada staking their claim of the growing high end retail sector in this country.  

  As further reported in the New York Times article, General Electric is experiencing a significant growth in sales of its Cafe´ upper end appliance line.  Whether or not they actually cook is irrelevant.  Affluent Buyers or those building a luxury property obviously want and are prepared to pay for high-end appliances with features like double ovens, hot water dispensers and more.  This fact relates back to my prior post wherein I stated luxury properties need to have the requisite amenities such as these in order to both attract a high net work buyer as well as to substantial your asking price.  I have found that among affluent Buyers, quality has now become more important than quality.  A 6,000 or 7,000 square foot home with middle of the road features, finishes and amenities will not command the same level of interest as a 4,000 square foot residence that has been superbly finished and contains the latest in high tech features.  
How does your home stack up?