Immigration Minister Marc Miller’s study permit cap aims to curb inflation on rents caused by growing international students in Canada, states an RBC Economics report. The report estimates 391,000 new international students this year, with 291,000 graduating or ending their studies, leading to a net increase of 100,000 students. This increase will continue to pressure rents, although less intensely. The rental housing market is expected to remain steady, with a potential reduction in new rental demand from international students. Amid processing over a million study permit applications in 2023, a cap of 606,250 applications has been set for 2024, likely cutting approved study permits by 35%.
