The Canadian Real Estate Association reported national home resales were down 4.4% in April due to tighter mortgage rules that took effect in April 2011.

The average price for these homes was up 8% year-over-year to $380,147.

New MLS listings were up as well by 1.3 % in April from March.

Tighter mortgage rules sidelined a umber of first-time buyers said CREA adding that the new rules will likely cool down the housing market in coming months.

The Toronto Real Estate Market has also reported lower sales but the average Toronto resale home price continues to show positive increases, month over month.

Here are the latest Toronto Real Estate Mid-Month results for April 2011.