I think oil prices will stay down for a while, but the oil industry its not going away anytime soon.
The natural gas industry is strong and on a positive price trajectory.
The pipeline project was halted by Biden's administration, but there is already a rebuttal from multiple states plus AB. And a presidentail term is only 4 years; this project will move ahead at some point. North America needs energy independence, and the US needs this oil, even if its just to help them mine/develop/build their Utopian green energy visions.
Specific to the real estate: Tons of cheap office space available in AB with currently high vacancy, but - opportunity for future re purposing?
On the residential side, low inventory/steady prices for detached homes and an over supply of condos. Good multifamily or industrial deals are hard to find.
If you are considering (residential or multifamily) development, Edmonton has arguably the cheapest land in the country (for major cities anyway), and the city is favourable to developers offering higher densities and more flexibility with infill projects.
I see BIG potential for the future of investing in Alberta, but Im probably easier convinced than many lenders.