Voltage dips are fairly common. There can be many causes.
Local causes include motors (which take a big current surge at switch on) for water pumps, elevators, HVAC, etc. My brother lives in a small apartment block (about 20 apartments on 3 levels) but it has a water pump in the basement to boost mains pressure for the top floor. Every time the pump starts, the lights flicker for an instant as the voltage drops.
More distant causes can be very high power equipment or faults which cause a voltage dip on the high voltage lines to your transformer. Examples could be industrial spot welding equipment. In this case, although the spot welder was 400V, it was taking such big current surges that it was causing the 11 kV supply to the transformer to sag, and everyone else whose power came from the same 11 kV feeder was having their lights dim.
Faults can also cause voltage dips - if someone on the same transformer shorts out their power supply, then it can cause a serious voltage sag on the transformer (until their fuse blows), and if the transformer is big (like in industrial areas) then it can also cause a serious dip on the feeder.
Feeder faults can also cause a similar effect. If a feeder shorts out, then it will likely place a serious sag at the main substation where it gets its feed, and that sag may go back through the substation transformer into the extra high voltage lines, until a circuit breaker trips out.
In the event of major power line (100 kV+) short, then this can causes severe voltage disturbances. Usually, at this power level, multiple feeders from different directions are connected in parallel to converge onto each substation. So, if one trips out, the power will keep flowing through the others without interruption. However, during the short circuit, before the breakers trip out, the voltage can show severe dips, and this dip will go through all the substations and to every device supplied from them.
Note that different types of light have different sensitivities to flicker. Low voltage halogen is extremely resistant. Regular incandescent is quite sensitive. CFLs vary depending on design, and LEDs also vary (but tend to be very good)