The 5th floor looks to be possibly an upper level penthouse type floor attached to the 4th floor units, and maybe haven't been built yet.
They recently hand delivered notices to neighbours about road closures for the mobile crane, including road closures on 33 Ave, so I expect that the fifth floor will start going up next week or the week after.
 
5th floor construction

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Would have to be heavily manufactured wood, which performs closer to that of steel than traditional wood. Alberta's current building code is 2019, so earliest we will get a new code here is about 2024.
Of course, but that's a given when you consider the load of a building that tall, 2x4's only have so much capacity. Taller wood buildings have been allowed before, but they had to follow a special process (see Brock Commons).

You're right that Alberta traditionally takes 4-5 years to adopt the NBCC into the ABC, but similar to other provinces, they will be doing away with that process very soon and instead just adopting it directly. The one thing I'm not sure of is how the climatic data sections will be adjusted.
 

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