People are leaving jobs in Calgary because they can't get homes. As long as there is demand for labour, there will be a need for more housing. I don't see the job market (in Alberta) crashing anytime soon, so the increases will slow down, but I don't think you'll see any claw-back of home values.
Average home prices may go down, but that will only be because of a demand for lower cost housing will rage on for a while yet.
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