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Canadian home prices accelerated again in May from the previous month, posting the largest monthly rise in the history of the Teranet-National Bank Composite House Price Index, data showed on Thursday.

The index, which tracks repeat sales of single-family homes in 11 major Canadian markets, rose 2.8 per cent on the month in May, led by strong month-over-month gains in the Ottawa-Gatineau capital region, in Halifax, Nova Scotia, and in Hamilton, Ontario.

“It was a third consecutive month in which all 11 markets of the composite index were up from the month before,” said Daren King, an economist at National Bank of Canada, in a note.

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On an annual basis, the Teranet index was up 13.7 per cent from a year earlier, the 10th consecutive acceleration and the strongest 12-month gain since July 2017.

Halifax led the year-over-year gains, up 29.9 per cent, followed by Hamilton at 25.5 per cent and Ottawa-Gatineau at 22.8 per cent.

Housing price gains in smaller cities outside Toronto and its immediate suburbs again outpaced the major urban centers, with Barrie, Ontario leading the pack, up 31.4 per cent.

On a month-over-month basis, prices rose 4.9 per cent in Ottawa-Gatineau, 4.3 per cent in Halifax and 3.7 per cent in Hamilton.

The Teranet index measures price gains based on the change between the two most recent sales of properties that have been sold at least twice.

Canada’s average home selling price, meanwhile, fell 1.1 per cent in May from April, Canadian Real Estate Association data showed on Tuesday, but jumped 38.4 per cent from May 2020.

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