Some welcome changes are occurring in the Calgary housing market. It’s been a long time since buyers had the upper hand, and it’s also been a long time since buyers had a good selection of homes from which to choose.
Bidding wars are almost a thing of the past with only 9% of homes selling for list price or higher in January. It takes about six months for the realities of the market to hit home with most sellers and that’s why you haven’t yet seen a corresponding drop in prices yet.
Bob's real estate blog 
“The greater fool theory states that the price of an object is determined not by its intrinsic value, but rather by irrational beliefs and expectations of market participants, and the expectation that prices always rise.” Seems to apply well to oil, as well as to the Calgary real estate market.
http://www.greaterfool.ca