Although the overall rent increase in Canada was lower in 2024 than in 2023 – due in part to slowing population growth, a softening labour market, and higher vacancy rates – it still remained well above the inflation rate. Provinces with lower population growth rates in 2024, e.g. Newfoundland and Labrador, experienced significantly lower rent growth compared to 2023. Provinces with higher population growth in 2024, most notably Manitoba, maintained relatively strong rent growth.