Why has the market lost steam?

Even they are admitting that market has slowed. It would be interesting to see the spin that is put on these numbers early next month.
We are sitting at close to 8000 properties in both Edmonton and Calgary and seeing noticeable slowdown in sales.
Of course, a simplistic explanation for the slow down would be: it was supposed to as the bears have been saying all along. But this is a new world we live in where there's plenty of cheap credit and enough 'entrepreneurial land lords' willing to use leverage to their advantage and play the real estate market. So given the 'rules' of this new world, where real estate always goes up and 200% increase in last few years is 'normal', why this sudden change?
So far there has been no significant outside event reported. Oil is still close to all time highs. Billions are still flowing into oil sands investments. You can still spot at least a few cars with "Canada's Ocean playground' license plates on streets of Edmonton and Calgary. It still takes a good twenty minutes wait before getting a place in a good restaurant. Sales people at most stores are still rude.
So what has changed?
Has Alberta become too expensive for 'investors' and have they focused their attention to Saskatoon and Winnipeg?
Or is it just a breather before prices begin climbing again?
Or are we already past the peak and are ready for THE correction?
What do you guys think?