Jayman opens new concept in Calgary
October 2, 2018
Although the Calgary housing market continues to be sluggish, one of Alberta’s biggest home builders appears bullish with a contemporary stake on future new multi-family developments.
On September 22, Jayman held the grand opening of its Westman Village—a lakeside development in south Calgary that mixes condominiums, rentals and seniors’ residences, with lush amenities and a 40,000-square-foot retail component that includes a restaurant.
“We are thrilled to celebrate the official opening of Westman Village, with all 14 show suites now open to the public and accessible without safety gear,” said Jayman CEO Jay Westman.
Westman explained the Village is a new direction for suburban Calgary—a community lifestyle, with apartment condos for sale or available on long-term leases, as well as adult-only residences and upscale executive bungalows. There will be up to two-dozen retailers in the Village. Similar life-style communities have been built in Metro Vancouver but without a rental option.
Prices at Westman Village begin at $230,000 for a 680-square-foot, one-bedroom in one condo building, while a neighbouring, higher-end project has condos starting from $800,000 for a two-bedroom of just over 1,500 square feet. Pre-sales have reportedly been strong and at least five retailers are set to open in the Village early next year.
But Westman Village also includes housing under a leasing agreement, giving boomer consumers an option of downsizing without a mortgage. A two-bedroom, two-bathroom with utilities and insurance could average around $2,599 a month. “That’s with no down payment and all Westman Village amenities included,” a Jayman spokeswoman noted.
While Calgary home sales were down 6 per cent in August and, for the year, are off 16 per cent from 2017, the Calgary and District Real Estate Board (CREB) noted that south Calgary, where Westman Village is located, is one of the bright spots with 164 detached sales in August. According to CREB, the benchmark price in south Calgary is $470,300 with the priciest end of the city, west Calgary, at $731,200.