After finishing work, I began my walk home along 100Ave NW, and I noticed a pulsating orb above me, the same size as the red marker lights on the top of the surrounding buildings, at first I thought it was a helicopter, but without the FAA lights activated. I then noticed that the 'light' was moving overhead and also changing color from white to red and moving in a direction toward the south (over Victoria Golf and driving range). I took off my headphones and there was NO sound being made by the orb, and the orb had now started to rise in elevation, approx 50 feet out into the ravine, in a spiral shape upwards and to the left, I stopped walking and watched as the orb peaked in altitude and after a short (1 ms) burst of light, was across the ravine and seemed to be behind the buildings over the far side of the valley (University of Alberta). The orb was now the same size as the marker lights at the top of the buildings and seemed to moved behind the buildings for a short while, until seeming to dissappear.