Reserve spokesman Rick Tail Feathers says the Belly River, one of three rivers that border the reserve, has crested and hopefully will start to recede.
Tail Feathers says there is quite a bit of damage left behind.
He says there are several houses with flooded basements and roads are still covered with water, which is preventing some evacuees from going home.
Improved forecasts have raised spirits in several other communities, where heavy rainfall had residents worried about flooding.
An Alberta Environment spokesman said Wednesday rainfall was as heavy as predicted, but it wasn't as widespread.
In all, nine communities and municipal districts declared states of local emergency. Another three activated their emergency response plans.
Even with the threat subsiding, the mess left behind is significant.
Claresholm, a town of 3,800 about 130 kilometres south of Calgary, has about 40 damaged homes — some surrounded by water and some swamped. About 250 homes in Lethbridge were affected, most with flooded basements.