Vancouver landlords are earning the highest apartment rents in Canada, says a news Rentals.ca report.

Authored by Urbanation, the report shows that Vancouver’s asking rent averaged $3,215 per month in October, although that figure was down 3.7% from October. Annual rent growth declined to 4.4% from 7.7% in October.

The figures apply to Vancouver proper, excluding suburbs. But Canada’s three most expensive small-and-medium-sized cities are Vancouver suburbs. North Vancouver, B.C., led the country as its monthly asking rate averaged $3,360 in October, while Coquitlam, B.C., ($3,116) and Richmond ($3,051) placed second and third respectively.

Richmond posted the second-highest annual increase, 29.1%, trailing the small Montreal suburb of Côte Saint-Luc, Que., which saw a 36.6% yearly rise.

Vancouver posted the highest average monthly one-bedroom ($2,872) and and two-bedroom rents ($3,77) in the country, while the adjacent suburb of Burnaby was second at $2,647 and $3,341, respectively.

The findings come after the B.C. government introduced legislation that restricts short-term accommodation rentals to boost long-term supply and reduce rents.