Nice site. I like your analysis without too much typical spin.

Bottom line is that prices double/tripled (depending on area) over past 5 years. This was partially fundamentals but a lot of bubble (speculation, easy mortgages etcetera). Right now most homes are priced beyond the reach of your typical buyers, so sales are slow and inventory is high.

The market will clear the excessive supply with prices dropping. Calgary is not immune to RE cycles and this time is no exception. At some point the prices will drop enough for the market to clear, and you will see the absorption rate return to “normal”.