550,000 International Students Entering Canada in 2022 Raises Housing Demand

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The country has seen a rise in new residents, particularly in international students entering the country. Immigration, Refugees and Citizenship Canada (IRCC) reported that Canada welcomed 551,405 new international students in 2022 – this tops 2021’s records by 107,145 more students.

In 2020, the country saw a dip in international students due to the COVID-19 pandemic, where entries fell to 255,000. However, it didn’t take long for the numbers to pick right back up in 2021, reaching a record 444,260.

As of December 2022, 807,750 international students hold valid study permits, another all-time high number. Not to mention, Canada also hit a new historic high with 431,645 new permanent residents – this represents the largest number of people ever welcomed in a year, in Canadian history. The last time Canada welcomed this many newcomers was in 1913.

With thousands of new international students and permanent residents entering the country, Canada has experienced one of the fastest economic recoveries since the pandemic. Increasing immigration is important for a thriving economy. Newcomers contribute by working, creating jobs and supporting local businesses.

Immigration is a huge factor in helping the Canadian economy, especially during a time when we are facing a labour shortage. Thankfully, Canada is the #1 destination in the world for international students, according to IDP Connect — an international education agency specializing in student placement worldwide. The report shows how Canada is favoured amongst other countries due to the standards of education, lower costs, obtaining work, and immigration opportunities post-graduation. Canada continues to be an excellent place for newcomers and students seeking a better life.

Where are all these students coming from, you may wonder? The top 5 source countries of international students entering Canada as of December 31, 2022, saw India in the top spot providing 226,450 new students. In second place was China with 52,165 new students, followed by the Philippines with 23,380 and France and Nigeria nearly tying with 16,725 and 16,195 new students.

Not only did the country see an inpour of students, but Ontario helped house 411,000 students in 2022. This number represents almost half the number of international students in the country.

Canada will continue to see an uptick in immigrants. Canada’s new 2023-2025 Immigration Plan, which was recently approved, will help welcome the highest-ever number of newcomers within the next three years. The country will aim to accommodate 465,000 new immigrants in 2023, 485,000 in 2024 and 500,000 in 2025. The plan also focuses on receiving newcomers to different areas across the country, including small towns and rural communities.

The number of students and immigrants coming to Canada presents an excellent opportunity for potential investors. An influx in population means the demand for housing will almost certainly increase. If you are an investor, we recommend looking for new condo developments near post-secondary institutions. With such a high demand for student housing, investors can be certain that student tenants will be looking to rent near these areas. To learn more about how you can benefit from investing near post-secondary institutions, connect with a GTA-Homes agent today!

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