Toronto may be experiencing a record breaking heat wave right now, but the city's real estate market remains cool.

Numbers from the Canadian Real Estate Association indicate an aggregate price drop across the country compared to last month. It's a mere 0.77 per cent, but it marks the third month in a row of decline, which hasn't happened since 2012.

Toronto's real estate market has seen the biggest drop, however, with composite benchmark prices hitting $755,400 in August, down 2.28 percent from July, and a further 7.48 per cent over the previous three months.

Prices are still up over 14 percent on a year over year basis, which only dramatizes the stark contrast between the housing market today and the soaring gains that were made at the outset of the year.

Toronto's real estate market has witnessed noticeable decline, with prices of detached homes falling below the $1 million mark and the number of condos sold down by as much as 31.2% since April.

Given the hot streak the Toronto market was on, these figures might suggest a return to normalcy. The CREA forecast notes that the market has shown signs of stabilizing and might reach an equilibrium in the coming months.