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Canadian home price growth slowed sharply in June from May, with year-over-year price gains also inching off recent record highs, as rising interest rates began to chill the market, index data showed on Wednesday.

The Teranet–National Bank National Composite House Price Index, which tracks repeat sales of single-family homes in major Canadian markets, showed prices were up 1.3% in June, slowing from 2.3% in May, though all 11 major markets posted gains.

On an annual basis, the index gained 16.7%, down from 18.3% in May, led by Halifax, Nova Scotia and Hamilton, Ontario, up 30.9% and 25.1% respectively.

Ten of the 11 major markets are at their highest point on record, with only Edmonton still lagging its peak set in September, 2007.

The Teranet index tracks closings, so it typically lags real estate agent sales data by three to five months. Canada’s realtors said last week June’s national average price was down 1.8% on the year, the first annual decline since May 2020.

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