^^ Investors who regretted buying have dropped out of the picture. Some go bankrupt. It is a selection bias. Only the not-bankrupt firms are advertising. The bankrupt ones have nothing to advertise and are not in the market anymore. There is no rule that buying today is going to be better than tomorrow. There is no reason to think that property values are always going to go up. What happened in Edmonton is happening across North America. Obviously.
It is mostly just naive investors who think that prices will always go up go that there is nothing to learn from past failures and regretted purchases. I'm just saying be cautious of empty-minded aphorisms like "better to buy today than tomorrow". That isn't necessarily true. Prices may have historically trended up but if you buy at the peaks and sell at the valleys you will be a lot better to invest in RRSPs. It is quite possible to earn 5 - 8% with an RRSP. Cash on cash returns for most real estate out there is going to be a lower range of that and requires a lot more work, and quite certainly, significantly more risk.
By focusing your money in real estate near your hometown, you are increasing your risk and decreasing your diversification. You are more exposed to the changes in the local economy. Maybe property values go up. Maybe it goes down. If the local economy suffers, it can potentially put your job at risk at the same time that hiring freezes and vacancy rates increase. Investing near your home has its own inherent disadvantages. It is called a control premium. Because I invest where I live, I have a lot of control over my properties and accept the significantly greater risk of being 100% invested in Edmonton. It comes with many disadvantages.
If you invest for cash flow and cash on cash equity returns you will have a lot better understanding of what you can make....exactly what kfort says above.