Canada's real estate market could be in for a "soft landing" according to a report from a global rating agency.

The 12-page report from Fitch Ratings claims Canada's housing market as a whole is "overvalued" with some markets overpriced by as much as 26 per cent.

As summer sadly draws to a close, one of Canada's top economists is forecasting the nation's housing market could see things heat up.

Citing recent CREA numbers, Douglas Porter, chief economist for BMO Capital Markets, said while some predicted a downturn of varying degrees for the nation's housing sales, the question now isn't how low sales will fall but rather how high they'll climb.