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Toronto home sales jumped the most in more than a decade last month, a sign that Canada’s biggest housing market is rebounding from the chill brought on by tighter lending regulations and higher borrowing costs in the past few months.

Sales in June rose 2.4 per cent from the same period a year ago, according to data released Thursday from the Toronto Real Estate Board. Seasonally adjusted sales climbed 18 per cent from May, the biggest monthly gain since 2004.

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Prices also stabilized. The average home price rose 2 per cent from a year earlier to $807,871, and increased 3.3 per cent from May on a seasonally adjusted basis. The benchmark price, which measures the value of a typical home, was flat on the month.

The jump in sales and prices follow several months of declines, largely brought on by a wave of regulations instituted to calm a market that jumped to record heights and was fuelled by speculative buying. Prices have started to stabilize in the past few months after peaking in April 2017.