CEO of Anthem Property Eric Carlson
'This isn't Armageddon' says developer at Calgary Real Estate Forum
Some major investors in Calgary’s real estate market say they have not been scared off by the economic tailspin in the city caused by the precipitous drop in oil prices.
“This isn’t Armageddon,” Eric Carlson, chief executive of Anthem Properties and United Communities, told a session at Tuesday’s Calgary Real Estate Forum. “Everything will be all right.”
Anthem is the developer behind the multi-condo Waterfront project in Eau Claire. Carlson, who is based in Vancouver, was in Calgary last month to announce the next phase of the project.
Four buildings totalling 624 units — all sold — were completed in the first phase. The next stage, called Parkside, will eventually consist of six buildings comprising 361 units, of which 85 per cent are sold.
At Tuesday’s forum, Carlson said Calgary’s economy is more diversified today with other industries, outside the energy sector, now contributing more to the economy.
“If this is bad, I’ll take it,” he said, adding Calgary has in its history experienced far worse economic downturns.
Sam Gordon, principal with Wexford Developments, said the company has long-term investments in Alberta real estate and remains “very bullish” on the province due to its large oil reserves.
But he said many investors believe the economic situation is going to get worse before it gets better because the impact of low oil prices hasn’t completely cycled through the real estate system.
“In the short-term we sold out a few things, but in the long-term we remain very bullish on Alberta,” he said. “Our view is we see oil recovering by the end of 2016.”
Jeff Fleming, senior vice-president of investments with GWL Realty Advisors, said Alberta is a very important market for the company.
“We’re not pulling out by any stretch,” he said. “Alberta’s about $4.5 (billion) to $5 billion of our $17 billion assets under management for us.”
mtoneguzzi@calgaryherald.com
“This isn’t Armageddon,” Eric Carlson, chief executive of Anthem Properties and United Communities, told a session at Tuesday’s Calgary Real Estate Forum. “Everything will be all right.”
Anthem is the developer behind the multi-condo Waterfront project in Eau Claire. Carlson, who is based in Vancouver, was in Calgary last month to announce the next phase of the project.
Four buildings totalling 624 units — all sold — were completed in the first phase. The next stage, called Parkside, will eventually consist of six buildings comprising 361 units, of which 85 per cent are sold.
At Tuesday’s forum, Carlson said Calgary’s economy is more diversified today with other industries, outside the energy sector, now contributing more to the economy.
“If this is bad, I’ll take it,” he said, adding Calgary has in its history experienced far worse economic downturns.
Sam Gordon, principal with Wexford Developments, said the company has long-term investments in Alberta real estate and remains “very bullish” on the province due to its large oil reserves.
But he said many investors believe the economic situation is going to get worse before it gets better because the impact of low oil prices hasn’t completely cycled through the real estate system.
“In the short-term we sold out a few things, but in the long-term we remain very bullish on Alberta,” he said. “Our view is we see oil recovering by the end of 2016.”
Jeff Fleming, senior vice-president of investments with GWL Realty Advisors, said Alberta is a very important market for the company.
“We’re not pulling out by any stretch,” he said. “Alberta’s about $4.5 (billion) to $5 billion of our $17 billion assets under management for us.”
mtoneguzzi@calgaryherald.com
