In some major cities, prices for apartments have dropped by as much as a third, largely due to decreased demand from foreign students. Over the past two years, rents have decreased by 3% to 5%, but affordability remains a pressing issue for many Canadians.

Historically, Canada has seen its population grow by about 400,000 annually from 2001 to 2020, necessitating the construction of 160,000 net new homes per year to keep pace. However, the surge in population post-2021 has escalated that requirement to 490,000 homes annually.

More than half of Canadians surveyed in late 2024 expressed concerns that too many immigrants were entering the country, highlighting a growing sentiment against high immigration levels. Carolyn Whitzman, an urban planning expert, emphasized, “Immigration itself isn’t a problem. Planning that doesn’t take immigration into account is a problem.”

The temporary foreign worker and international student systems have faced criticism for being under-managed, contributing to pressures in the rental market. Steve Pomeroy, a housing analyst, captured the sentiment of many when he remarked, “Oh, shit, what have we done?” as the ramifications of rapid population growth became evident.

As Canada navigates these challenges, observers are closely watching how these policy changes will impact the housing market and overall immigration strategy. The situation remains fluid, and details remain unconfirmed regarding the long-term effects of these migration cuts on housing affordability and availability.

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