A new report clarified that rents in Canada remain high, but the pace of annual growth has slowed.

The data released by Rentals.ca and Urbanation indicated that the average rent for all types of residential properties reached $2,201 in July, an increase of 5.9 percent from last year.

The report added that the year-over-year increase is the slowest growth over the past 31 months, whereas in recent years, growth has often exceeded 10 percent.

However, some markets are still seeing significant jumps compared to last year, even with some declines in other markets.

Vancouver experienced a decrease of about seven percent in rents from last year, and rents in Toronto fell by five percent as a wave of completed residential units hit the market.

On the other hand, Halifax saw an increase of 18.2 percent, and prairie cities such as Saskatoon, Edmonton, and Regina also recorded double-digit gains.