There is a wider context... I found that Calgary blog while reading a Vancouver housing bubble blog. In Vancouver City proper, the average price for a detached home is now over $700,000. Calgary is actually the last market to be hit by a wave of escalating prices. Many real estate markets in the states had seen similar big run-ups in the past few years but now the market down there is collapsing. See
http://thehousingbubbleblog.com/ for example.