The Toronto Regional Real Estate Board (TRREB) reported on Friday that the average price of homes sold in the Greater Toronto Area (GTA) last month was $1,079,500, which did not change much from July, when the average sale price was $1,074,754.

The price level in August represented some stability after a five-month decline that saw prices drop by nearly 20 percent from the February record of $1,334,544 to July, as strong interest rate hikes from the Bank of Canada cooled the activity.

Although home sales fell significantly in August compared to the previous year, 5,627 properties were traded, representing an increase of about 15 percent compared to July. However, the real estate board continued to push for regulatory changes to ease some pressure on buyers.

In a statement, John Demarcheli, CEO of TRREB, called on the Office of the Superintendent of Financial Institutions (OSFI) to "consider" whether the current stress test, which requires buyers to prove their ability to afford a mortgage at the higher of 5.25 percent or the contract rate plus two percent, "remains in effect."