Big policy changes for student rentals
What happens next is anyone's guess
Contrary to alarming media reports that Indian student applications are down significantly, the data tells a different story… for now.
A look into the IRCC numbers reveals that student visas issued to Indian nationals in 2022 amounted to 225,865, with 208,630 year-to-date in 2023. December is usually a big month for student visa issuance. It is reasonable to estimate that numbers from India are likely to at least match 2022, if not surpass them.
These figures, considered in aggregate, show that international student visas are still on the rise. As of October 2023, IRCC reports 553,675 international student visas issued, up from 2022’s 548,875 full-year number.
So, let’s look at the big policy changes that have happened as a response to this:
The Federal Government announced an immediate two-year cap on international student permits.
The government also said it would also stop giving work permits to some students after graduation as it seeks to rein in record numbers of newcomers during a housing crisis. The cap is expected to result in approximately 360,000 approved study permits in 2024, a decrease of 35% from 2023, according to a statement from the immigration ministry. (Source)
The Ontario Government stated that Post-secondary schools must guarantee housing for international students.
“Ontario colleges and universities will be required to guarantee housing for incoming international students, Minister Jill Dunlop announced Friday. The government will also review post-secondary institutions with a “sizable” number of international students and introduce a moratorium on new public college and private institution partnerships, she said.”
Liberals extend federal low-cost construction loan program to student residences
The federal government says its low-cost loans program for affordable housing construction is being expanded to include student residences.
Housing Minister Sean Fraser made the announcement Monday in Ottawa. He said broadening the Apartment Construction Loan Program to include student residences will help students find housing across the country.
I’m going to discuss this more in detail on my personal Substack and share my thoughts on what I think this means for student rental investments in the coming years.
We do have an episode coming out this week discussing these policies and potential impacts on students rentals. I also did a youtube video discussing what led up to these policy introductions if you’re interested.
