Homes overpriced, bank report says

<br><br>A new report from one of the country's major banks says house prices in Canada are sitting 14% over their "fair" value. The report from Canadian Imperial Bank of Commerce says the average price of a home has risen 23% since reaching its cyclical low in January 2009. British Columbia and Alberta homes are the most overpriced, with about one in four above their fair value. CIBC establishes what it calls fair value from market fundamentals that include income, rent and demographic changes. <br><br>