Canada’s cap on the intake of international students into the country has led to the student rental market “cooling rapidly,” Rentals.ca said in a report Tuesday.

Since the federal government instituted an international student cap last year , cities with high concentrations of students have seen the steepest declines in rents, the data showed.

This comes after the international student population nearly doubled between 2020 and 2023, leading to “record-breaking demand and limited availability” of affordable rental units for students, the report said.

“Canada’s student rental market is cooling rapidly due to new federal limits on international study permits, leading to lower prices and more options for student renters near major post-secondary institutions across the country,” Renta

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