The caps imposed by Canada on foreign students and new residents have led to a decrease in demand for rental housing and a dip in average asking rents across many of Canada’s largest cities, a new report from the country’s housing agency suggests.
The changes in immigration coupled with an increase in new housing supply resulted in a 2 percent to 8 percent dip in the average asking rents for condominiums and purpose-built rentals in Vancouver, Calgary, Toronto, and Halifax over the last year, Canada Mortgage and Housing Corp. (CMHC) said in its mid-year rental market update this week.
“The cap on international student intake and adjustments to their provincial distribution are influencing rental demand in British Columbia, Ontario and Nova Scotia,” the report said, noting that all three provinces saw a decline in work and study permit holders in the first quarter of 2025….