Toronto's real estate market has been topsy-turvy lately, especially since prices no longer seem to be soaring out of control.

According to the Teranet-National Bank Composite House Price Index (which looks at the "rate of change of Canadian single-family home prices"), since last month, home prices in Toronto were up 2.1 percent. However, when looking at dwellings other than condos, prices were down 1.6 percent.

Stefane Marion, the chief economist and strategist at National Bank of Canada, told the Business News Network that prices could drop even more in the GTA.

"In our forecast, we think that the GTA home price index could drop by seven to 10 percent over the next few months - a reflection of the new policies put in place, but also higher mortgage that rates we’ve seen rising in the past few weeks," said Marion to BNN.

Earlier this month the Toronto Real Estate Board revealed that home sales dropped 40 percent since last year. While prices were up compared to July 2016, month-to-month, they continued to drop.