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Canadian home prices fell in November from the previous month and at a faster pace than in October, while year-over-year price gains continued to slow, Teranet–National Bank National Composite House Price data showed on Monday.

The index, which tracks repeat sales of single-family homes in major Canadian markets, dropped 1.3 per cent on the month, led by declines in Vancouver, Montreal and the metropolitan area of Ottawa-Gatineau. It was down 0.8 per cent in October.

From its peak in May, the index has now fallen 9 per cent, with Hamilton down 16.9 per cent and Toronto, Canada’s most populous city, falling 12.9 per cent.

Prices are still higher than a year ago, up 2 per cent from November 2021, but gains slowed for a seventh consecutive month and were the slowest since November 2019.

The Teranet index tracks closings, so it typically lags realtor sales data by three to five months.