950 Seventeenth Street Telephone 303 893 8100 Suite 2500 Denver, CO 80202 Price Waterhouse LLP Exhibit No. 15 November 27, 1996 Securities and Exchange Commission 450 Fifth Street, N.W. Washington, D.C. 20549 We are aware that M.D.C. Holdings, Inc. has included our report dated April 24, 1996 (issued pursuant to the provisions of Statement on Auditing Standards No. 71) in the Prospectus constituting part of its Registration Statement on Form S-3 to be filed on or about November 27, 1996. We are also aware of our responsibilities under the Securities Act of 1933. Yours very truly, /s/Price Waterhouse LLP - ------------------------ Price Waterhouse LLP