I googled Edmonton house price bubble and came across this site which has some interesting graphs, statistics and discussions putting our housing prices into a longer term perspective...
"It’s quite sobering to realize that those who bought during the peak of the last bubble took at least 25 years to see their property values recover to what they paid for them when accounting for inflation. It should also serve as a warning to those looking to buy into the current market, as prices are still well above historical measures." - Historical Prices and Inflation
I read this man's blog early last year and thought it was a good contrarian view to the idea that we were behaving so much more conservatively than our American neighbours. He makes some very interesting points and highlights some interesting statistics. Scroll down half way to the Alberta discussion... look for these headings:
"Household financial leverage in the key oil producing regions of Canada is very high."
"Statistics greatly understate Alberta’s dependence on oil revenues."
"As frightening as these numbers appear, they are in fact conservative. The mortgage figures were compiled as of December 2007. Population figures are estimated as of October 2008. At least some of the new immigrants to Alberta, in 2008, would have purchased a home last year." Oilguy1
As an aside, it's interesting that this next very generic graph is a match to the controversial Kondratieff Long Wave - if anyone cares.