A new report revealed that the average asking price for a rental unit in Canada was $2,174 in November, relatively stable from the previous month but with an 8.4 percent increase year-over-year.

Data released on Friday by Rentals.ca and Urbanation, which analyze monthly listings from official networks, show that the annual growth rate of rents in Canada continues to slow down, following increases of 9.9 percent in October and 11.1 percent in September.

The average cost of a one-bedroom unit in November reached $1,911, up 13.6 percent from the same month in 2022, while the average asking price for a two-bedroom unit was $2,260, an annual increase of 10.5 percent.

The report indicates there was a noticeable slowdown in two of the most expensive major cities in Canada for renters, with Vancouver experiencing a 0.7 percent increase in asking rents from last year to $3,171, while the average asking rents in Toronto decreased by 2.4 percent to $2,913.

Meanwhile, Edmonton outperformed Calgary as the leader in rent growth among major markets, with the average asking rents in the provincial capital rising by 11.9 percent compared to last year to reach $1,472, while the southern Alberta city saw an increase of 10.4 percent to an average of $2,081.

Rentals.ca and Urbanation also point out that the average rents for roommates are approaching four figures, with the asking price for shared housing in British Columbia, Alberta, Ontario, and Quebec rising by 16.2 percent over the past year to a record high of $960.