Canadian home prices rise again in January but gains slow

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A view of a sign in the shop window at Confederation Court Mall, in Charlottetown

OTTAWA (Reuters) - Canadian home prices rose 0.3% in January from December, led by gains in Hamilton and Montreal, though the pace of growth slowed and prices fell in four of 11 markets, data showed on Thursday.

The Teranet-National Bank Composite House Price Index, which tracks data collected from public land registries to measure changes for repeat sales of single-family homes, showed price gains in seven of the 11 major metropolitan markets.

Prices rose 2.0% in Hamilton, 1.0% in Montreal and 0.6% in Victoria, but the index was down 0.1% in Toronto, 0.2% in Calgary, and 0.4% in both Edmonton and Winnipeg.

On an annual basis, the index was up 9.6% in January, the sixth consecutive acceleration and the strongest 12-month gain since October 2017.

Ottawa-Gatineau continued to lead year-over-year gains, up 19.6% from January 2020, followed by Halifax at 16.9% and Hamilton at 16.5%. Calgary home prices are down 0.5% on the year.

Teranet also has indexes for seven smaller cities just outside the Greater Toronto Area, which posted year-on-year gains ranging from 13.6% to 21.2%. Toronto, by comparison, is up 10% on the year.

(Reporting by Julie Gordon in Ottawa; Editing by Cynthia Osterman)