Immigration, Refugees and Citizenship Minister Marc Miller rises during Question Period, Tuesday, February 6, 2024 in Ottawa. RBC says the recently announced cap on new study permits won't lead to an outright decrease in demand for rental housing from international students this year. THE CANADIAN PRESS/Adrian Wyld
OTTAWA – RBC says the recently announced cap on new study permits won’t lead to an outright decrease in demand for rental housing from international students this year.
But a new report from the bank about the cap finds the expected increase in rental demand from international students could fall by about 50 per cent as a result of the policy.
Ottawa announced a temporary cap on new study permits over the next two years as it tries to get a handle on sharp growth in international student enrolments at Canadian post-secondary institutions.
The number of new visas handed out this year will be capped at 364,000, a 35 per cent decrease from the nearly 560,000 issued last year.
RBC says if the cap for this year is extended beyond 2025, it would lead to a decline in the number of international students in the country.
The report says that would relieve pressure on the rental market more meaningfully.
This report by The Canadian Press was first published Feb. 14, 2024.
