Vancouver homes are overpriced by about 26 per cent, says a report released by a major U.S. credit ratings agency.

Fitch Ratings released a report Monday stating that Greater Vancouver's housing values could drop by as much as 15 per cent over the "next several years," News1130 reported.

But home values could drop even further if interest rates go up in the next few years, especially for houses more than condos, UBC real estate expert Tsur Somerville told the radio station.

Fitch reported similar trends across the country, with overall Canadian prices overvalued by about 20 per cent, the Globe and Mail reported.

The news comes the same week that the Real Estate Board of Greater Vancouver reported February home sales were down 29.4 per cent from the previous year, and 30.4 per cent below the 10-year average.

Point Grey realtor Ken Wyder said that Vancouver's housing market is stable, but he agreed with Somerville that things could change if interest rates were to go up, the Vancouver Observer reported.

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  • $16,800,000

    <strong>#11. 5340 Seaside Pl., West Vancouver, BC </strong> Bedrooms: 4 Floor Space: 6,412-sq. foot Storeys: 3 Built in: 2012 Bathrooms: 5

  • $16,800,000

    <strong>#11. 5340 Seaside Pl., West Vancouver, BC </strong>

  • $16,800,000

    <strong>#11. 5340 Seaside Pl., West Vancouver, BC </strong>

  • $16,800,000

    <strong>#11. 5340 Seaside Pl., West Vancouver, BC </strong>

  • $16,800,000

    <strong>#11. 5340 Seaside Pl., West Vancouver, BC </strong>

  • $16,800,000

    <strong>#11. 5340 Seaside Pl., West Vancouver, BC </strong>

  • $17,900,000

    <strong>#10. 1611 Drummond Dr., Vancouver, BC </strong> Bedrooms: 5 Floor Space: 6,394-sq. foot Storeys: 3 Built in: 1925 View: mountain, water Bathrooms: 5

  • $17,900,000

    <strong>#10. 1611 Drummond Dr., Vancouver, BC </strong>

  • $17,900,000

    <strong>#10. 1611 Drummond Dr., Vancouver, BC </strong>

  • $17,900,000

    <strong>#10. 1611 Drummond Dr., Vancouver, BC </strong>

  • $17,900,000

    <strong>#10. 1611 Drummond Dr., Vancouver, BC </strong>

  • $17,900,000

    <strong>#10. 1611 Drummond Dr., Vancouver, BC </strong>

  • $18,800,000

    <strong>#9. 3333 The Crescent, Vancouver, BC </strong> Bedrooms: 8 Floor Space: 11,598-sq. foot Storeys: 3 Built in: 1912 Bathrooms: 6

  • $18,800,000

    <strong>#9. 3333 The Crescent, Vancouver, BC </strong>

  • $18,800,000

    <strong>#9. 3333 The Crescent, Vancouver, BC </strong>

  • $19,680,000

    <strong>#8. 5771 Newton Wynd, Vancouver, BC </strong> Bedrooms: 8 Floor Space: 11,567-sq. foot Storeys: 3 Built in: 1997 Bathrooms: 8

  • $19,680,000

    <strong>#8. 5771 Newton Wynd, Vancouver, BC </strong>

  • $19,680,000

    <strong>#8. 5771 Newton Wynd, Vancouver, BC </strong>

  • $19,680,000

    <strong>#8. 5771 Newton Wynd, Vancouver, BC </strong>

  • $19,680,000

    <strong>#8. 5771 Newton Wynd, Vancouver, BC </strong>

  • $19,800,000

    <strong>#7. PH4201-1077 West Cordova St., Vancouver, BC </strong> Bedrooms: 4 Floor Space: 6037 sqft Storeys: 1 Built in: 2005 View: water Bathrooms: 5

  • $19,800,000

    <strong>#7. PH4201-1077 West Cordova St., Vancouver, BC </strong>

  • $19,800,000

    <strong>#7. PH4201-1077 West Cordova St., Vancouver, BC </strong>

  • $19,800,000

    <strong>#7. PH4201-1077 West Cordova St., Vancouver, BC </strong>

  • $19,800,000

    <strong>#7. PH4201-1077 West Cordova St., Vancouver, BC </strong>

  • $19,800,000

    <strong>#7. PH4201-1077 West Cordova St., Vancouver, BC </strong>

  • $19,888,000

    <strong>#6. 2848 Bellevue Ave., West Vancouver, BC </strong> Bedrooms: 4 Floor Space: 6,533-sq. foot Storeys: 3 Built in: 1997 Land Size: 120.0 x 160 View: ocean, city Bathrooms: 7

  • $19,888,000

    <strong>#6. 2848 Bellevue Ave., West Vancouver, BC </strong>

  • $19,888,000

    <strong>#6. 2848 Bellevue Ave., West Vancouver, BC </strong>

  • $19,888,000

    <strong>#6. 2848 Bellevue Ave., West Vancouver, BC </strong>

  • $19,888,000

    <strong>#6. 2848 Bellevue Ave., West Vancouver, BC </strong>

  • $19,900,000

    <strong>#5. 3390 The Crescent, Vancouver, BC </strong> Bedrooms: 6 Floor Space: 10,516-sq. foot Storeys: 3 Built in: 1921 Bathrooms: 8

  • $19,900,000

    <strong>#5. 3390 The Crescent, Vancouver, BC </strong>

  • $19,900,000

    <strong>#5. 3390 The Crescent, Vancouver, BC </strong>

  • $19,900,000

    <strong>#5. 3390 The Crescent, Vancouver, BC </strong>

  • $19,900,000

    <strong>#5. 3390 The Crescent, Vancouver, BC </strong>

  • $21,000,000

    <strong>#4. 4601-1011 West Cordova St., Vancouver, BC </strong> Bedrooms : 3 Floor Space : 4,015-sq. foot Storeys : 1 Built in : 2010 Bathrooms : 4 Title : Condominium/Strata

  • $21,000,000

    <strong>#4. 4601-1011 West Cordova St., Vancouver, BC </strong>

  • $21,000,000

    <strong>#4. 4601-1011 West Cordova St., Vancouver, BC </strong>

  • $21,000,000

    <strong>#4. 4601-1011 West Cordova St., Vancouver, BC </strong>

  • $21,000,000

    <strong>#4. 4601-1011 West Cordova St., Vancouver, BC </strong>

  • $23,800,000

    <strong>#3. 1416 Wesbrook Cres., Vancouver, BC </strong> Bedrooms: 6 Floor Space: 7,876-sq. foot Storeys: 3 Built in: 2005 View: water, mountain, city Bathrooms: 8

  • $23,800,000

    <strong>#3. 1416 Wesbrook Cres., Vancouver, BC </strong>

  • $23,800,000

    <strong>#3. 1416 Wesbrook Cres., Vancouver, BC </strong>

  • $23,800,000

    <strong>#3. 1416 Wesbrook Cres., Vancouver, BC </strong>

  • $28,800,000

    <strong>#2. 5050 Happy Valley Ln., West Vancouver, BC </strong> Bedrooms: 7 Floor Space: 12,998-sq. foot Storeys: 3 Built in: 2011 View: View of water Bathrooms: 8

  • $28,800,000

    <strong>#2. 5050 Happy Valley Ln., West Vancouver, BC </strong>

  • $28,800,000

    <strong>#2. 5050 Happy Valley Ln., West Vancouver, BC </strong>

  • $28,800,000

    <strong>#2. 5050 Happy Valley Ln., West Vancouver, BC </strong>

  • $28,800,000

    <strong>#2. 5050 Happy Valley Ln., West Vancouver, BC </strong>

  • $37,900,000

    <em>(<strong>UPDATE:</strong> This photo is an artist's rendering, not an actual photo of the house on this property.)</em> <strong>#1. 3810 Marine Dr., West Vancouver, B.C.</strong> Bedrooms: 4 Floor Space: 5,000-sq. foot Storeys: 2 Built in: 1964 View: ocean, city Bathrooms: 3