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Canadian home prices rise 0.8 percent in May - Teranet

TORONTO, June 12 (Reuters) - Canadian home prices rose in May but the pace of 12-month home price appreciation decelerated slightly, the Teranet-National Bank Composite House Price Index showed on Thursday.

The index, which measures price changes for repeat sales of single-family homes, showed national home prices rose 0.8 percent last month, a modest reading compared to historical May readings for what is traditionally one of the strongest sales months of the year.

Prices were up 4.6 percent from a year earlier, a slowdown from April's 4.9 percent price gain.

(Reporting by Andrea Hopkins; Editing by Frank McGurty)