A bubble is something that isn't supported. This isn't a bubble...
a 30% increase in 3 months isn't sustainable, but the fundamentals are there to support the current prices and moderate growth. Affordability is still relatively high (though decreasing), unemployment is low, wages here are increasing faster than the rest of the country, and inventory is still constrained.
For Oil there's a huge amount of multiple $Billion projects on the books, and like Tron_fdc said short of $20/bbl oil they aren't going to abandon those projects, so that's a decade of sustained jobs and immigration for Alberta.
Calgary itself might become less of a good place to invest, but there will be lots of other places in Alberta to invest real estate wise.
Probably a guy that sold his house right before this ramp up or lost out on a house.
EDIT: He does have some good things though, always look at the fundamentals.. His part about inventory is valid; when inventory starts to free up then the increases will slow down and the current inversion of new home builds being far cheaper than resale houses will revert. But even that's a ways away, talking to several builders in the past week they say that right now there's a shortage of house trusses, concrete, and next will be drywall and drywallers. Prices on materials continues to rise because of world events (rebuilding an entire city!) and another hurricane season could make it even worse.
EDIT2: I was also talking with a real estate agent who said that we're now seeing some sanity in the market; houses that would have sold 3 months ago are now sitting on the market because people aren't willing to overpay.