I think you are far too kind on the NDP policies - prhaps due to young age, Cory !
Alberta is now run by a very very inexperienced government full of anti-oil, social activist, humans-caused-global-warming-believers, pro-union, stick-it-to-the-corporations people that have no clue about the economy and would rather not have any evil tar sands in their land. It will be ugly. Very ugly. Timid at first, then ugly in 2016 and even more ugly in 2017.
Only with oil over US$75 AND clear investment inducing oil&gas royalties AND not overly stupid CO2 emission regulations that benefit no one, likely not before 2017 will we see investment pickup at best, until then wallets will stay shut, shut shut amid uncertainty.
I expect SF homes prices to fall at least 10% in the next 2 years in Calgary, maybe a bit less in Edmonton. If you can survive that and/or don't care as you have a long term hold, hold. Otherwise sell now. Better buying opps will emerge in a year or 2. Cash-flow is paramount. All of our assets are tested for 10% lower rents and 10% vacancies (a 400% increase from 2%) to see if we are overly leveraged and can hold, and indeed: we can, but we may not hold all.
Buying a house right now makes no sense to me in AB, unless you intend to hold 10+ years. In 2019 we will have massive debt in AB, due to excessive spending on even more civil servants and stupid diversification projects like unprofitable refineries, biotech incubators, more colleges or high tech ventures. If the NDP sees they will lose in 2019 they will nail extremely generous civil servants' wages & benefit contracts to the next government leaving behind a massive wave of red ink that will take at least a decade to reduce.
A have-not province for 2 years at least, then we will see where oil is. That is the ONLY saving grace here.
As to Kelowna: house prices have recovered the last few years, but usually follow Calgary's up or down, so down for the next 2 years for sure, or maybe not as folks leave AB and settle in cheaper parts of the world like Kelowna like you did, and so many others I know of.