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Oil Communities Feel Housing Buzz

Tuesday, June 9

They each have an economy anchored to oil and gas, all have struggling real estate sectors, and they're each suffering from consumer hesitancy. But Calgary, Denver, Col., and Houston, Tex., are also showing signs of shrugging off the malaise brought about by the global recession. Energy prices are recovering and potential buyers are visiting show home parades for new homes, as well as dropping into open houses for resale housing. David Harvie, a senior vice-president with Calgary-based Carma Developers, keeps a close eye on what's happening in the Colorado and Texas markets, seeing as how the company has projects underway in both states. "The markets there are stronger now than they were," he says. "But it's not so much the stronger oil industry as it is about the freeing up of money for mortgages and the ability to be able to run a business." Marty Hope, Calgary Herald Published: Saturday, May 23, 2009