Alberta Real Estate- Driven by oil prices or Interest Rates?

We have all often heard that so long as the oil prices are high, real estate in Alberta will remain solid as steel. I just wanted to check the strength of this argument to see how well it was the case at the time of last boom in Alberta. Of course, the NEP could have played a part in making things worse for Alberta, but it's hard to quantify this number. I'm just going to present some numbers and leave the rest to your interpretation.

Year	Crude Oil Price	5 Yr Mortgage Rate	Edmonton Avg Price
1979	12.64	11.25	74,453
1980	21.59	13.25	78,914
1981	31.77	15.5	88,624
1982	28.52	18.75	92,313
1983	26.19	13.5	84,785
1984	25.88	12.5	81,941
1985	24.09	12.25	75,769

(Prices are not adjusted for inflation, home prices and interest rates are for January of each year, crude prices are average for each year.)

So a 50% increase in interest rates was good enough to devastate the Edmonton real estate market last time when the prices had not risen so much. Will another 50% jump in interest rates (to say 8 or 9%) do anything to this market?