TORONTO - A recent survey suggests Canadian home prices were up 10.4 per cent in August from a year earlier, marking the smallest annual gain in six months.

According to the Teranet-National Bank composite home price index, most major metropolitan areas, including Toronto and Vancouver, saw a similar slowdown in home prices.

Home prices rose 0.2 per cent from July, the smallest gain since the index began climbing a year and a half ago.

Year-over-year gains were most modest in Montreal (7.7 per cent), Halifax (6.8 per cent) and Calgary (five per cent).

Home prices quickly inflated at the beginning of the year as buyers rushed into the market in advance of higher interest rates, new mortgage rules and the harmonized sales tax in B.C. and Ontario.

Activity in the housing market has dried up since the spring, but prices continue to hover around record highs.