Calgary development boss sees “no Armageddon” for the market

Despite continued weakness for the oil sector in Calgary developers are optimistic that there is still demand for new properties in the area.

Speaking at the Calgary Real Estate Forum this week, the chief executive of Anthem Properties and United Communities, Eric Carlson, said that “this is no Armageddon.”

With a development of 10 buildings and a total of almost 1,000 units, Carlson has good reason to be optimistic.

"The first phase of 624 units is completely sold and phase two is 85 per cent sold. The Calgary Herald reports that he told the forum “if this is bad, I’ll take it.”

Sam Gordon of Wexford Developments is more cautious, saying that although the company has sold out of a lot of its properties the low oil price may not have fully cycled through real estate.

Wexford remains very bullish on the long-term picture. 
 

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