While some parts of Canada saw the lowest rent increase in recent years, the nation's priciest provinces got a whole lot cheaper.

A new report by Rentals.ca and Urbanation states that Canadians paid an average of $2,187 in rent in August, an increase of 3.3 per cent for all residential types compared to the previous year.

"This marks the slowest annual rate of rent growth in nearly three years," states the report. "On a month-over-month basis, average asking rents decreased by 0.1 per cent, extending the trend of moderation seen since May."

The rate of increase also varied depending on the type of property.

Condo rentals increased by 4.7 per cent annually, averaging $2,142 in August, while apartments saw a 6.2 per cent increase to an average of $2,118. Looking to downsize? Studio condominium rents dropped 3.3 per cent annually to $1,825, while purpose-built studio rents jumped by 10.7 per cent to $1,784.

Rents surged nationwide over the past three years, and now they're back to their "long-term average."

"This was achieved through a combination of more supply being built, as well as a rollback in demand from population-related changes in government policies," said Shaun Hildebrand, president of Urbanation.

B.C. and Ontario, the most expensive places to live, have seen the largest drop in average rent compared to last year, of 5 per cent and 4 per cent respectively.  On average, B.C. residents spend $2,536 monthly on rent, while Ontario isn't too far behind with a monthly average of $2,390.

A closer look shows that major cities are seeing rental rates drop more significantly.

The 15 most expensive average asking rents in Canada and how each city's price has changed month-over-month and year-over-year. Chart from Rentals.ca and Urbanation.

In Toronto, a 6.9 per cent drop in rent brought the average to $2,697; in Vancouver, a 6 per cent decrease brought the average to $3,116. Calgary, Ottawa, and Montreal also saw a slight drop. However, only one city out of Canada's six largest markets saw an increase.

Renters in Edmonton have seen an average rise of 9.2 per cent to an average of $1,579.

That's in keeping with the 11 per cent increase across Alberta, where the province's average is now $1,808. The situation isn't any better in Atlantic Canada, which saw a 7 per cent increase to an average of $2,226.

How average rents measure up by province as of August. Chart from Rentals.ca and Urbanation.

As for the sharpest jump in rent out of all provinces, that dubious honour goes to Saskatchewan. The province currently has the lowest rent nationwide, with an average of $1,338. However, that reflects a steep 21.4 per cent increase compared to the previous year.