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Financials

Toronto home prices fall again in June as rising rates squeeze buyers

OTTAWA, July 6 (Reuters) - Home prices in the Greater Toronto Area fell for the fourth straight month in June, as rising interest rates continued to cool the once scorching hot resale market, data from the Toronto Regional Real Estate Board (TRREB) showed on Wednesday.

The average price of a Toronto home fell to C$1.1 million ($844,335) in June, down 5.5% from May, with prices down 14.1% from February’s peak. Sales plunged 41.4% from a year ago as listings increased. ($1 = 1.3028 Canadian dollars) (Reporting by Julie Gordon in Ottawa; Editing by Himani Sarkar)

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