The Canadian Real Estate Association (CREA) is reporting a slight drop in home sales during the month of April, while property listings and the average sale price of homes saw an increase.

According to statistics from CREA, sales for April saw a 1.7 percent drop compared to March and showed a 10 percent jump in newly listed homes. The report also showed the MLS Home Price Index up 19.8 percent and the national average sale price rising 10.4 percent.

CREA chief economist Gregory Klump said in a press release that regulatory changes have played a large factor in the numbers, which are showing in the recent report.

“Homebuyers and sellers reacted to the recent Ontario government policy announcement aimed at cooling housing markets in and around Toronto,” Klump said.

Klump said new listings increased in areas where there had been a shortage.

“The number of new listings in April spiked to record levels in the GTA, Oakville-Milton, Hamilton-Burlington and Kitchener-Waterloo, where there had been a severe supply shortage,” Klump said. “And with only 10 days to go between the announcement and the end of the month, sales in each of these markets were down from the previous month.”

He also said that those who set policy will likely monitor regulatory changes.

“Policymakers will no doubt continue to keep a close eye on the combined effect of federal and provincial measures aimed at cooling the housing markets of particular concern, while avoiding further regulatory changes that risk producing collateral damage in communities where the housing market is well balanced or already favors buyers,” said Klump.