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OTTAWA (Reuters) –     Canadian home prices tumbled in September from August, posting the largest monthly decline since the index was launched in 1999, while year-over-year price gains continued to slow, Teranet–National Bank National co*posite House Price data showed on Thursday.

The index, which tracks repeat sales of single-family homes in major Canadian markets, showed prices dropped a record 3.1% in September from August, led by sharp declines in Toronto and Hamilton, Ontario.

The major market index is now 7.0% below the May peak, with Hamilton down 13.5% and Toronto down 11.1%. Calgary and Edmonton, Alberta, by contrast, both hit fresh index highs in August.

Prices are still higher than a year ago, up 6.0% from September 2021, but gains are slowing. The Teranet index tracks closings, so it typically lags realtor sales data by three to five months.

(Reporting by Julie Gordon in Ottawa; Editing by Chizu Nomiyama)