Increase in home prices year-over-year slower in second quarter

Real estate giant Royal LePage says home prices rose two per cent year-over-year to almost $614 thousand dollars in the second quarter.

That’s a much slower rate of increase than the 6.2 per cent figure posted in the first quarter.

Royal LePage says the reduction is due to softness in the Greater Toronto Area market, where prices actually fell in some neighbourhoods compared with a year ago.