CIMM - CIMM 3.5 – CMHC Report - December 4, 2025

IRCC’s response to a request for information made by the Standing Committee on Citizenship and Immigration on September 23, 2025

Question

Ms. Salma Zahid: In regard to the housing needs, since the introduction of the international student cap, what measurable benefits have we seen so far in relieving the pressure on the local housing markets? Can you point to any metrics showing these benefits?

Ms. Soyoung Park: I have already cited some of those benefits. Because of the cap and the reduction to international student volumes, particularly in those communities where there's a higher percentage of domestic and international students, what we have seen is that since the cap there has been a cooling down of the global market.

Ms. Salma Zahid: Do you have any data for the city of Toronto?

Ms. Soyoung Park: I don't have it specifically for Toronto, because we were citing not IRCC stats but those from CMHC as the official source, but we can endeavour to get that.

Response

The following findings are from Canada Mortgage and Housing Corporation’s (CMHC) Fall 2024 Rental Market Report:

• In 2024, rent price growth slowed in most of Canada’s largest rental markets year over year, with Toronto recording the lowest growth in rents among major census metropolitan areas. In Toronto, average rent for a two-bedroom purpose-built apartment rose by 2.7% year over year in 2024, down from 8.8% in 2023.
• While population growth remained a significant driver of rental demand in Canada, the introduction of a cap on international student intake put downward pressure on student rental demand, leading to slower rent price growth—particularly in local markets near post-secondary institutions.
• For example, rental markets near McMaster University and Mohawk College in Hamilton and near Brock University and Niagara College in St. Catharines-Niagara saw higher vacancy rates in 2024 as a result of fewer international students, contributing to lower rent price growth. In Hamilton, average two-bedroom rent growth slowed from 13.7% to 2.3% from 2023 to 2024, while St. Catharines-Niagara saw rent growth slow from 8.4% to 3.7%.
• In the Greater Toronto Area, slower rent price growth was primarily attributed to strong growth in rental supply as an elevated number of condominium projects were completed leading to a strong influx of condominium rentals on the market, at the same time that purpose-built rental supply expanded at its quickest pace since 1990.