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Canadian home prices increased in May from a month earlier, and were well up from the year before, according to the Teranet-National Bank Composite House Price Index.

The index, which measures price changes for repeat sales of single-family homes, showed national home prices rose 1.8 percent last month from April. Prices were up 9 percent from a year earlier.

Toronto home prices rose by 10.58 percent in May compared to the last year, rose 1.66 percent last month from April.Vancouver home prices increased by 21.71 percent year-on-year, rose by 2.86 percent in May compared to the last month.

READ MORE : Bank of Canada warns of growing mortgage risks as home prices soar