Are Alberta home buyers overly confident or overly cautious about the housing market right now?

It seems to be the industry consensus (realtors, builders, mortgage brokers) that home buyers are taking their time and that there is no urgency at all to make a buying decision. Is this because they are fearful that buying real estate is a financial mistake with current economic conditions or are they simply thinking that the current low interest rates and real estate prices will be this way forever. I am thinking that it is the latter. However, I believe that it is unrealistic to think that super historically low rates (current 5 year best rate 3.89% or 2.25% for a variable rate) will be around for too much longer. It is difficult to say how much longer but why would you risk missing out? Although the overall picture of the Canadian economic recovery is that it will take time, Alberta is at an advantage. Here we expect strong growth over the next few years. We can be expecting continued inter-provincial and foreign migration. More people moving here means that the housing market inventory will continue to decline. It is only common sense that the law of supply and demand will dictate that housing prices will increase. Why risk paying more for a home AND have less inventory to chose from? In my opinion, those who are in the market for a home but can't quite make the commitment will regret waiting. There is some urgency. Waiting could cost you and it can cost you A LOT! Even if interest rates remain at historical lows over the next year or so while the economy recovers, Alberta will see the buyer's market shift in favor of sellers. I don't think that buyers will be in the driver's seat much longer. That's just my two cents. Take a look at this article from the Globe and Mail about how the political and economic power has shifted to the West. The link is below.

http://www.theglobeandmail.com/report-on-business/economy/economy-lab/stephen-gordon/canadas-economic-core-shifts-west/article2032403/